By Bisi Bamishe
The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for its structured implementation of the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In an official statement released today, the Chairman of the NIA, Mrs. Ebelechukwu Nwachukwu,
praised NAICOM’s structured approach, highlighting that clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.
Mrs. Nwachukwu noted that the exercise underscores the importance of an orderly and clearly defined regulatory process and represents an important milestone in strengthening the financial capacity and stability of the sector, marking a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector. She assured the apex regulator of the the Association’s continued support and constructive engagement in leveraging the gains of the recapitalisation process to drive sustainable industry growth, enforce high market conduct standards, elevate consumer trust, and expand the sector’s contribution to the national economy.
The NIA Chairman extended warm congratulations to the 43 insurance and reinsurance companies that have successfully met the prescribed Minimum Capital Requirements, commending their resilience, professional discipline, and proactive alignment with evolving regulatory standards. “The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors, and the wider Nigerian economy”. “A well-capitalized insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks, and serve as a reliable pillar of national economic growth,” Mrs. Nwachukwu stated.
She further expressed the Association’s solidarity with the eight insurance companies currently undergoing final verification and regulatory review, encouraging them to remain confident as NAICOM concludes the exercise within the 14-day review period communicated by the Commission. Reaffirming the Association’s commitment to its entire membership, Mrs. Nwachukwu emphasized that the NIA will continue to serve as a robust platform for advocacy, collaboration, and constructive engagement with regulatory authorities throughout the transition period. She reassured the insuring public and business community that the Nigerian insurance industry emerges from this exercise significantly stronger, more resilient, and fully prepared to drive financial stability across the country.
