NAICOM completes recapitalisation exercise for 43 insurance companies
The commission said it will continue to engage with stakeholders and provide regular updates on post-recapitalisation supervisory actions, companies undergoing final verification, developments in industry restructuring, implementation of the Risk-Based Capital Framework, and other strategic initiatives designed to deepen insurance penetration and strengthen confidence in the Nigerian insurance industry.
The commission added that the exercise positions Nigeria’s insurance sector to support national economic growth, deepen financial inclusion, mobilise long-term investment capital, and contribute meaningfully to the stability of the country’s financial system.
To ensure an orderly, transparent, credible, and verifiable process, the commission issued guidelines on the implementation of the Minimum Capital Requirements (MCR) for insurance and reinsurance companies in Nigeria.
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