SEC, NAICOM step up support for insurance industry’s recapitalization — Insurers’ Committee
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 and Managing Director Guinea Insurance Plc, Ademola Abidogun at the event.
Nike Popoola
The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has reiterated the Commission’s commitment to the ongoing recapitalization of Nigeria’s insurance industry, offering regulatory concessions and faster processing timelines to aid insurance firms in meeting new capital requirements.
The Chairman of the Communication and Stakeholders Engagement Sub-Committee, Mrs. Ebelechukwu Nwachukwu, while giving details of the committee’s deliberations after the meeting during a press briefing Lagos today, disclosed that SEC has granted about nine concessions to facilitate the recapitalization process.
She said the DG told the committee that, “A dedicated desk has been set up at SEC specifically for insurance companies, with a promise to process all capital raising approvals within 14 days, provided that applications are submitted complete and on time.
While speaking on the draft of the new minimum capital requirement guidelines to the industry for review circulated by the National Insurance Commission (NAICOM), she said comments from stakeholders have already been submitted, and the final guidelines are expected to be released soon.
At the meeting, she said the members discussed NAICOM’s new guidelines on InsurTech and Takaful that were issued, aimed to steer innovation and ethical standards in these growing areas of the industry.
“The Commissioner for Insurance, Mr Segun Omosehin, commended operators for their response to major claims, noting that four substantial claims were recently paid in full, underscoring the industry’s improving claims responsiveness.
Mrs. Nwachukwu noted that NAICOM has intensified risk-based supervision efforts, with ongoing inspections across the country to ensure regulatory compliance and safeguard policyholders.
She said, “With the implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, the Committee highlighted key action points, including the finalization of recapitalization guidelines, operationalization of the Policyholders’ Protection Fund, and completion of the industry mortality table currently being developed with support from Africa Re.
“Practitioners have been urged to provide accurate data to aid the development of a reliable mortality table,” Nwachukwu stated.
To ensure leadership readiness, she said, NAICOM announced plans to host the Insurance Directors’ Forum in November.
“The forum will provide current and prospective directors with a comprehensive understanding of the requirements under NIIRA, which is expected to be implemented imminently,” she said.
Insurers were also encouraged to begin submitting their recapitalization plans to NAICOM without delay at the meeting.
Giving more details, she said, “A key highlight of the meeting was the industry’s drive with the Nigerian Insurance Industry Database (NIID) and the Nigeria Integrated Insurance Platform (NIIP). The aim is not only to enhance verification but also to ensure that third-party motor insurance is sold at the correct price through a unified digital platform.”
According to her, both SEC and NAICOM urged industry players to go beyond merely increasing capital. “The real objective is to transform the industry narrative, strengthening ethical conduct, improving transparency, and building consumer trust,” Mrs. Nwachukwu emphasized.
The meeting also featured reports from the various sub-committees of the Insurers’ Committee, each outlining progress and future steps in advancing the collective goals of the industry.
