NAICOM, CAC to Collaborate on Insurance Industry Recapitalization
By Patience Ikpeme
The Registrar General of the Corporate Affairs Commission (CAC), Barr. Hussaini Magaji (SAN), has committed to working with the National Insurance Commission (NAICOM) to facilitate the recapitalization of Nigeria’s insurance industry.
The pledge came during a meeting focused on the implementation of the new Nigeria Insurance Industry Reform Act (NIIRA) 2025.
According to a statement, the collaboration will involve several key actions by the CAC, including: issuing guidelines to facilitate the recapitalization process; nhancing data exchange between the two agencies; and providing concessions and expedited clearance where necessary.
The Registrar General said his commitment is a part of his support for President Bola Tinubu’s vision for a strong economy and the long-standing partnership between the two agencies in promoting economic growth.
The Commissioner for Insurance (CFI) Mr, Olusegun Ayo Omosehin acknowledged the CAC’s management for their continued support and collaboration. The CFI drew attention to key provisions of the NIIRA 2025, saying that the support of the CAC is vital for meeting the 12-month deadline for recapitalization stipulated in the new Act.
The meeting centered on discussing collaborative efforts to ensure a smooth transition and implementation of the reforms.
