NAICOM Warns Insurers on July 31 Recapitalisation Deadline
NAICOM CEO Olusegun Omosehin warns insurers that the July 31 recapitalisation deadline is mandatory and non-negotiable.
July 19, 2026
1 min read
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Source: nannews.ng
The National Insurance Commission (NAICOM) has warned insurance companies that the July 31 deadline for meeting new minimum capital requirements is mandatory and non-negotiable. The warning was issued by NAICOM's Chief Executive Officer, Mr Olusegun Omosehin, who emphasized that the commission will not extend the deadline.
According to NAICOM, the recapitalisation exercise is aimed at strengthening the insurance sector and ensuring that companies have adequate capital to underwrite risks and protect policyholders. The new minimum capital requirements were announced in a circular dated May 20, 2024, and set a deadline of July 31, 2026, for compliance.
Insurers that fail to meet the deadline will face sanctions, including potential revocation of their operating licenses. NAICOM has urged all affected companies to take immediate steps to comply with the requirements to avoid disruptions to their operations.
❓ Frequently Asked Questions
What is the new minimum capital requirement for insurers in Nigeria?
The new minimum capital requirements vary by class of insurance, with life insurers required to have N15 billion, general insurers N10 billion, composite insurers N18 billion, and reinsurers N20 billion.
What happens if an insurer fails to meet the July 31 deadline?
Insurers that fail to meet the deadline will face sanctions, including potential revocation of their operating licenses by NAICOM.
Why is NAICOM enforcing this recapitalisation?
The recapitalisation is aimed at strengthening the insurance sector, ensuring companies have adequate capital to underwrite risks and protect policyholders.
