NAICOM, CAC move to fast-track insurance industry recapitalisation

The National Insurance Commission (NAICOM) and the Corporate Affairs Commission (CAC) have agreed to deepen collaboration to ensure a seamless implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, particularly on the industry’s recapitalisation process.

At a meeting between both agencies, the Registrar General of the CAC, Barr. Hussaini Magaji (SAN), pledged to work closely with NAICOM to issue guidelines that will facilitate the recapitalisation exercise, enhance data exchange between the two institutions, and provide concessions as well as expedited clearance where necessary.

A statement from NAICOM said Magaji pledged the CAC’s commitment to aligning with President Bola Tinubu’s economic vision, adding that the CAC values its long-standing partnership with NAICOM in driving reforms that promote the growth of the Nigerian economy.

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On his part, the Commissioner for Insurance (CFI) Mr, Olusegun Ayo Omosehin drew attention to critical provisions of the NIIRA 2025, stressing the importance of the CAC’s role in meeting the 12-month timeline for recapitalisation stipulated in the Act.

The meeting focused on how both regulators can strengthen coordination to ease the transition process and ensure that insurance operators comply with the new law without disruption to the market.