NAICOM inaugurates recapitalisation committee to oversee implementation of NIIRA 2025
The National Insurance Commission (NAICOM) has constituted a 2025 Recapitalization Committee, following President Bola Ahmed Tinubu’s assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
According to a statement by the Commission, the Committee is chaired by Mrs. Oluwatoyin Charles, Director of Supervision.
The Committee’s primary responsibility, the statement stated, is to oversee the implementation of the recapitalization programme, including ensuring compliance with revised capital requirements and promoting transparency and integrity in sourcing and verifying capital inflows.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, in the statement, emphasized the critical role of recapitalization in stabilizing the industry and contributing to Nigeria’s $1 trillion economy vision during the Committee’s inauguration in Abuja today, August 12, 20
He urged the 11-member Committee to approach their task with professionalism, diligence, and commitment to the common interest, assuring them of necessary support.
Some of the Key Terms of Reference for the Committee, according to the statement are: Develop a Recapitalization Roadmap*: Create a detailed plan for the Commission and the insurance industry; Guidelines and Circulars: Develop guidelines and circulars on recapitalization; Minimum Capital Requirements: Recommend the composition of Minimum Capital Requirements; and Incentives and Concessions: Identify incentives and concessions that may be obtained from other regulatory authorities.
“The Committee will submit monthly progress reports to Management and provide quarterly updates to the Governing Board and stakeholders. NAICOM is confident that the Committee will successfully deliver on its mandate, shaping the future of Nigeria’s insurance sector.
“The Committee’s success is vital to the industry’s stability and growth, and NAICOM looks forward to collaborating with all stakeholders to achieve this objective. With the NIIRA 2025, NAICOM aims to position the insurance industry for greater transparency, innovation, and global competitiveness, aligning with the Federal Government’s vision of achieving a $1 trillion economy,” the statement added.