By Taiye Olayemi
The Chief Executive Officer, National Insurance Commission (NAICOM), Mr Olusegun Omosehin, has warned insurance companies yet to meet the new minimum capital requirements that the July 31 recapitalisation deadline was mandatory and not symbolic.
Omosehin gave the warning on Friday in Lagos at the investiture of Mr. Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN).
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He said operators that were yet to comply should act with urgency to meet the regulatory requirement.
He described the recapitalisation exercise as a key component of NAICOM’s ongoing reforms aimed at building a stronger, more resilient and consumer-focused insurance industry.
According to him, the new minimum capital requirement is intended to enhance insurers’ claims-paying capacity, strengthen their balance sheets, increase domestic risk retention and prepare the industry for the implementation of a risk-based capital regime.
“With about 14 days to
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