NAICOM’s statutory deposit deadline ends as insurers advance recapitalisation compliance
National Insurance Commission NAICOM
Nike Popoola
The deadline for insurance and reinsurance companies to submit proof of payment of statutory deposits with the Central Bank of Nigeria (CBN) to the National Insurance Commission (NAICOM) has officially ended, marking a key milestone in the ongoing industry recapitalisation exercise.
The requirement, obtained by Dailyeconomy, which is contained in Section 5.3 of NAICOM Guidelines on Minimum Capital Requirement (MCR) for Insurance and Reinsurance Companies in Nigeria, stipulates that, “All companies shall submit proof of payment of the statutory deposit with the CBN to the Commission on or before 30th May 2026.”
With the expiration of the deadline, the industry has now moved past one of the critical compliance benchmarks under the broader recapitalisation framework introduced by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The NIIRA 2025, signed into law by President Bola Tinubu, on 31 July 2025, introduced a strengthened capital regime for the insurance sector as part of reforms aimed at enhancing financial soundness, policyholder protection, and sector resilience.
Under the Act, operators were given a 12-month transition period to meet revised Minimum Capital Requirements or face regulatory measures.
The new capital thresholds stand at ₦10 billion for life insurance companies, ₦15 billion for non-life insurers, and ₦35 billion for reinsurance firms.
The statutory deposit requirement forms part of NAICOM’s prudential framework designed to ensure adequate financial buffers within the industry, with companies also required to notify the Commission of any shortfall in their statutory deposits and obtain approval prior to remittance to the CBN.
While the statutory deposit proof submission window has now closed, attention is expected to shift fully to the broader recapitalisation deadline of 30 July 2026, when all operators are required to fully comply with the new capital thresholds.
Industry stakeholders say the reform is expected to strengthen the insurance sector’s capacity, deepen market confidence, and potentially accelerate consolidation ahead of the final compliance date.
