naicom

The NCAA and NAICOM have signed an MoU to strengthen aviation insurance oversight and improve protection for passengers, airlines, cargo owners and other industry stakeholders. The agreement provides for a Joint Technical Committee on Aviation Insurance to improve...

According to the notice, the Federal High Court in Lagos granted Universal Insurance leave to commence proceedings against NAICOM and other respondents over what the insurer described as the “purported cancellation” of its licence and the receivership that followed.

EFCC invites NAICOM Commissioner for Insurance Olusegun Ayo Omosehin over allegations concerning fees charged during the insurance recapitalisation exercise. NICON Insurance and Nigeria Re allege that operators faced several charges, including a one per cent fee on fresh...

Nigeria Reinsurance loses operating licence. NAICOM cites capital requirement breach. Muiz Banire appointed provisional liquidator. Move marks first enforcement under NIIRA 2025. August 5, (THEWILL) — Nigeria Reinsurance Corporation has become the first insurance company to lose its operating...

NAICOM says 43 insurance and reinsurance companies have met Nigeria's new minimum capital requirement. The Commission says the exercise marks the beginning of a stronger and more resilient insurance industry. Eight additional firms remain under regulatory review after...

More than 70 percent of insurance companies have completed NAICOM's independent capital verification exercise, clearing one of the final regulatory hurdles ahead of the July 31 recapitalisation deadline. Most operators have also met the statutory deposit requirement with...

Lawmakers pass legislation replacing the National Insurance Commission (NAICOM) with the Insurance Regulatory Commission (IRC) as part of efforts to modernise Nigeria's insurance regulatory architecture The bill strengthens the autonomy of the regulator, empowers it to issue binding...

July 07, (THEWILL) — With several days to the insurance recapitalisation deadline of July 31st 2026, the National Insurance Commission, NAICOM, has disclosed that it will not re-license any company with outstanding claims. In a letter to all...

July 7 (THEWILL) — The National Insurance Commission (NAICOM) has directed insurance companies to settle all outstanding discharged claims before the conclusion of the ongoing recapitalisation exercise, warning that firms that fail to comply will not be re-licensed. The directive...

February 25, (THEWILL) — The National Insurance Commission (NAICOM) has approved the appointment of Ademoye Shobo as the new Managing Director/Chief Executive Officer of Lasaco Assurance Plc, with his tenure taking effect from February 6, 2026. The regulatory clearance...