…Says approvals would be given within 14 days
As the nation’s insurance industry gears up to its new recapitalization regime, the authorities of the Securities and Exchange Commission (SEC) have pledged support to facilitating all processes relating to raising of the required funds through the capital market.
To this end, SEC said that it has set up dedicated desk which will fast track all documentations and approvals for insurance companies wishing to raise capital using the instrumentalities of the capital market.
Director General of SEC Dr Emomotimi Agama who gave the commitment at an interactive session with chief executive officers of insurance and reinsurance companies in Lagos said that the dedicated desk will ensure that all approvals and documentations were completed within 14 days thus giving the project a head start. Dr Agama urged insurance companies not to see the project as a fund raising exercise but rather a charge to the reforming and repositioning of the nation’s insurance industry for the big ticket businesses.
According to him, the new capital requirements which prescribed N15 billion for non life insurance companies, N10 billion for life insurance firms and N35 billion for reinsurance companies should be considered as the much needed tonic for the repositioning of the market contrary to views in certain quarters that the move was meant to decimating the number of players in the industry. Insurance companies are expected to raise the funds within one year of the signing into law of the Nigerian Insurance Industry Reform Act (NIIRA).
Chairman of the Communication and Stakeholders Engagement Sub-Committee, Mrs. Ebelechukwu Nwachukwu who gave details of the outcome of the meeting of Insurers during a press briefing at the Insurers House Lagos which is the secretariat of the Nigerian Insurers Association (NIA) disclosed that SEC has also granted about nine concessions to facilitate the recapitalization process.
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.
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