NAICOM
SEC unveils bold insurance desk, promises fast 14-Day approvals
The Securities and Exchange Commission (SEC) has unveiled a special desk to fast-track the recapitalisation process in Nigeria’s insurance industry, pledging to deliver approvals within 14 days of complete submissions. The move was announced during the 19th Insurers’ Committee meeting in Lagos, where stakeholders discussed the implementation of the newly enacted Nigerian Insurance Industry Reform […]
NAICOM launches crackdown on fake motor insurance
The National Insurance Commission (NAICOM) has stepped up its fight against the growing menace of fake third-party motor vehicle insurance certificates, warning motorists to beware of fraudulent operators who exploit regulatory loopholes. The initiative, which began with a raid at the Vehicle Inspection Office (VIO) Headquarters in Mabushi, Abuja, saw NAICOM officials, supported by security […]
NAICOM to insurers: recapitalise or be liquidated
The National Insurance Commission (NAICOM), has issued a strong warning to insurers and reinsurers in Nigeria, declaring that companies failing to meet the July 2026 recapitalisation deadline will face strict regulatory sanctions, including forced mergers or outright liquidation. This directive follows the recent passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which introduced […]
NAICOM Sets Up Committee to Drive Insurance Industry Recapitalisation
The National Insurance Commission (NAICOM) has taken a major step toward strengthening Nigeria’s insurance sector with the inauguration of an 11-member committee to oversee the implementation of the industry’s recapitalisation programme. The move comes just a week after President Bola Ahmed Tinubu signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law, setting a […]
Investors Flock to Insurance Stocks Following New Reform Act
The Nigerian stock market’s insurance sector is experiencing its strongest rally in nearly two decades, as investors flood into insurance equities following the signing of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law by President Bola Ahmed Tinubu. Market analysts say the sweeping reforms introduced by the NIIRA have triggered a wave of […]
Tension in Insurance Industry as Reps Open Investigation into 25 Firms
The Nigerian insurance industry is currently navigating a storm of scrutiny as the House of Representatives Subcommittee on Capital Market and Other Institutions investigates 25 prominent insurance firms over alleged financial misconduct. The probe, sparked by a formal petition and initiated at the National Assembly Complex in Abuja, is already sending shockwaves through an industry […]
NAICOM Pushes for Inclusive Risk Management Through Insurance
The National Insurance Commission (NAICOM) has renewed its call for greater insurance inclusion in Nigeria, urging stakeholders to prioritise risk awareness and expand insurance access to safeguard lives, businesses, and the national economy. Speaking at the flag-off of the 2025 edition of Insurance Week in Lagos, the Commissioner for Insurance, Mr. Olusegun Omosehin, highlighted Nigeria’s […]
NAICOM, OHCSF Collaborate to Train MDAs on Group Life Assurance Scheme
The National Insurance Commission (NAICOM) and the Office of the Head of the Civil Service of the Federation (OHCSF) have jointly conducted a comprehensive workshop on the Group Life Assurance Policy for Ministries, Departments, and Agencies (MDAs). Held in Abuja, the workshop was designed to enhance the understanding, implementation, and compliance of the Group Life […]
NAICOM Set to Unveil New Guidelines on Annuities and Cyber Risk Management
The National Insurance Commission (NAICOM) is set to release supplementary regulatory guidelines aimed at strengthening protection for Retiree Life Annuity (RLA) funds and enhancing the cybersecurity resilience of the Nigerian insurance sector. This move comes amid rising concerns over annuity defaults and the growing threat of cyberattacks on financial institutions. Disclosing the development after the […]
NAICOM: Micro-Insurance Key to Expanding Pension Access
In the face of persistent economic turbulence, the National Insurance Commission (NAICOM) has spotlighted microinsurance and digital innovation as pivotal tools to extend pension access and financial protection to Nigeria’s informal sector. Speaking at the recently held Ispenonline Retirement Summit in Lagos, the Commissioner for Insurance, Mr. Olusegun Omosehin, emphasized that overcoming retirement insecurity will […]