Deadline Countdown: NAICOM Insists Insurers Meet July 31 Recapitalisation Target

The National Insurance Commission has reminded all insurers that the July 31 recapitalisation deadline is mandatory and non-negotiable. Companies yet to meet the new capital benchmarks are urged to act immediately. The move seeks to boost insurers’ claims-paying capacity, strengthen balance sheets and prepare the industry for a risk-based capital framework. The Commission will conduct a transparent and firm verification of every operator’s financial soundness. Higher capital levels are expected to translate into faster claim settlements, better consumer protection and greater public confidence in insurance services. The recent Insurance Industry Reform Act offers a robust legal basis for these changes. Lawmakers have also pledged ongoing support through legislation to improve regulation, expand insurance awareness and encourage digital innovation. Industry professionals are called on to uphold ethics, competence and innovation to drive growth.

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