naicom

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...

December 31, (THEWILL) — The National Insurance Commission (NAICOM) has ruled out any extension of the ongoing insurance recapitalisation deadline, reinforcing regulatory discipline and sending a clear signal to the capital market on the need for timely compliance. The...

March 26, (THEWILL) - Total assets of the Nigerian Insurance industry increased to about N2.67 trillion in the fourth Quarter (Q4) of 2023, the National Insurance Commission (NAICOM) said in the latest data released on Tuesday. According to the...