Insurers’ Committee reviews recapitalisation progress, regulatory compliance, AfCFTA, others
From left: Executive Secretary Nigerian Council of Registered Insurance Brokers, Tope Adaramola; Chairman Communication and Stakeholders Engagement Sub-Committee of Insurers’ Committee/Managing Director Rex Insurance Limited Mrs. Ebelechukwu Nwachukwu; Managing Director Guinea Insurance Plc, Ademola Abidogun, and Head of Corporate Affairs National Insurance Commission, Abba Hall, at Insurers’ Committee meeting in Lagos today
Nike Popoola
Key regulatory reforms, capital review, enforcement of compulsory insurance, credit expansion, and preparations for continental trade agreements dominated discussions at the meeting of the Insurers’ Committee held today at the Nigerian Insurers Association (NIA) House in Lagos.
Speaking during a press briefing after the meeting, Chairman of the Communications and Stakeholders Engagement Sub-Committee of the Insurers’ Committee, Ebelechukwu Nwachukwu, outlined major issues deliberated upon at the session presided over by the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Segun Omosehin.
Among the major issues discussed was the ongoing recapitalisation exercise in the insurance industry. According to Nwachukwu, the Commissioner for Insurance reminded operators that only a few weeks remain before the recapitalisation deadline and urged companies to treat the process seriously.
She disclosed that auditors engaged by NAICOM are currently carrying out verification exercises across insurance firms, while May 31 has been fixed as the deadline for companies to invite the commission for verification.
The committee also discussed the enforcement of compulsory third-party motor insurance and NAICOM’s recent engagement with the Nigerian Police aimed at curbing fake insurance policies in the market.
Nwachukwu said the Commissioner expressed concern that “miscreants” had infiltrated the third-party insurance space and commended the Association of Registered Insurance Agents of Nigeria (ARIAN) for its efforts in tackling fake insurance practices.
The meeting further reviewed NAICOM’s guidelines on travel insurance, which are intended to ensure proper regulation of travel insurance policies and guarantee that Nigerians purchasing such products enjoy full benefits.
Another key issue discussed was the inauguration of the committee for the Insurance Policy Protection Fund. According to Nwachukwu, the fund is expected to create additional protection for policyholders and ensure that no discharged claims remain unpaid.
The Commissioner also revisited the industry’s compliance with the National Identification Number (NIN) directive. She noted that operators had committed not to honour claims where customers’ NIN records have not been updated, pending further directives from the regulator.
The committee received presentations from the National Credit Guarantee Company and Credit Bureau Limited on opportunities for collaboration with insurers to deepen Nigeria’s credit culture and strengthen financial data sharing.
Nwachukwu stated that insurers were encouraged to engage more actively with credit bureaus to support underwriting decisions, identify fraudulent claims, and improve premium payment tracking.
The meeting also received updates on the planned development of a Nigerian experience mortality table expected to be launched by June 2026, as well as reports from the Nigeria Insurance Industry Committee on AfCFTA and trade agreements concerning the implications of agreements involving countries such as the United Kingdom, China, Turkey, and the United Arab Emirates.
The Commissioner, according to Nwachukwu, also reminded chief executives that compliance with regulatory guidelines remains their direct responsibility.
