The National Insurance Commission (NAICOM) has met executives of about 12 insurers regarded as largely inactive in the on-going recapitalisation drive.
The regulator urged these insurers to intensify their momentum, warning that non-compliant companies risk deregistration, reported the newspaper Vanguard.
NAICOM has given the deadline of 31 July 2026 for insurance companies to meet its recapitalisation requirements. This followed the passing of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025).
There are three reinsurance companies in the insurance sector, 29 general insurance companies, 14 life insurance companies and 12 composite insurers in Nigeria.
To date, at least 20 insurance companies have officially written to NAICOM, informing the regulator that they were ready for it to carry out verification of their compliance with the new capital requirements.
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