Recapitalisation: NAICOM Stands Firm on July 31 Deadline
…Insurance Reform Enters Decisive Phase
By Patience Ikpeme
The National Insurance Commission (NAICOM) has declared that the July 31, 2026, deadline for the ongoing industry recapitalisation exercise remains absolute, leaving operators with exactly 14 days to fully comply with the new minimum capital standards.
The regulatory body stated that the timeline is a strict legal baseline rather than a symbolic benchmark, adding that the framework serves as a critical mechanism to boost claims-paying capacity, expand local risk retention, and transition the market into a risk-based capital framework.
Speaking at the official investiture ceremony of Mr. Akinjide Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN), the Commissioner for Insurance Mr. Olusegun Ayo Omosehin brought the urgent industry transformation to the forefront.
He stated that while several operators have taken commendable steps to secure new funding, restructure governance, and submit to rigorous verification processes, the entire sector must handle the remaining days with utmost seriousness.
The NAICOM boss noted that these structural adjustments receive solid legal backup from the newly enacted Nigerian Insurance Industry Reform Act, 2025. This legislative framework provides the statutory tools needed to build a resilient, transparent, and responsive financial ecosystem.
He explicitly pointed out that its current market agenda centers heavily on robust policyholder protection, corporate governance overhauls, deeper market penetration, financial inclusion, and the promotion of responsible innovation.
Addressing the newly inaugurated leadership, Omosehin maintained that capital alone cannot sustain the sector without deep professional integrity. He described the CIIN as the custodian of market discipline and technical competence, noting that the reputation of the whole industry relies heavily on the quality of practitioners produced by the institute. Consequently, the Commissioner for Insurance tasked the new council to aggressively align its educational frameworks with current market demands.
To guide the new administration, Omosehin presented three strategic directives for the institute’s current tenure. First, the leadership must deepen institutional ethics and ensure that market practices mirror the regulatory ambitions of the country. Second, the institute must establish a robust talent pipeline through structured mentorship, proactive engagement with higher institutions, and deliberate succession planning to attract younger professionals. Third, the council must champion digital transformation to equip practitioners with skills in data-driven underwriting, cyber security, and efficient claims handling.
The Commissioner expressed great appreciation for the outgone president, Mrs. Yetunde Olubunmi Ilori, praising her visionary tenure that significantly built up stakeholder engagement and institutional stability. Welcoming Mr. Orimolade, the commission voiced full confidence in his proven record as an accomplished professional capable of steering the council through this vital transition.
Omosehin concluded by urging the CIIN to act as a bridge for market compliance. This task involves translating regulatory goals into practical capacity through Continuous Professional Development (CPD), monitoring boardroom accountability, and establishing clear market metrics that guarantee prompt claims settlement and total fairness to policyholders.
