The National Insurance Commission NAICOM has notified all insurance and reinsurance companies of the commencement of the recapitalisation exercise as prescribed by the Nigerian Insurance Industry Reform Act (NIIRA) 2025 following the enactment of the Reform Act and assent of
The National Insurance Commission (NAICOM) has constituted a 2025 Recapitalization Committee, following President Bola Ahmed Tinubu’s assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025. Chaired by Mrs. Oluwatoyin Charles, Director of Supervision, the Committee’s primary responsibility is to
President Bola Ahmed Tinubu on Tuesday assented to the Nigerian Insurance Industry Reform Bill, 2025 — a landmark legislation to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy. The reform introduced by the new
The National Insurance Commission (NAICOM) has officially issued operational guidelines for Insurtech businesses in Nigeria, following extensive stakeholder consultation and engagement. NAICOM in a statement said the guidelines, effective from August 1, 2025, are designed to provide a clear and
The National Insurance Commission (NAICOM) on Wednesday handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd. in a brief ceremony held in Abuja. The issuance of the Licenses to SanlamAllianz Life and General Insurance follows a successful merger.
The National Insurance Commission (NAICOM) this Monday welcomed a high-powered delegation from the Central Bank of The Gambia, led by Mr. Nyang Medeleine Gomez, on a strategic working visit aimed at fostering regulatory collaboration and exchanging knowledge in key areas
The National Insurance Commission (NAICOM) has officially launched the Revised Regulation on Insurance for Leased and Financed Aircrafts, a development that is set to strengthen Nigeria’s aviation and insurance industries, enhance investor confidence, and promote ease of doing business in the country. The unveiling
IMF’s Chief Economist, Pierre-Olivier Gourinchas has sounded the alarm on the Preservation of the Independence of Central Banks. This is following U.S. President Donald Trump’s attacks on Federal Reserve Chair Jerome Powell, as he underlined the importance of maintaining their
The National Insurance Commission (NAICOM) this Monday issued a license to CHI Life Assurance Limited, describing it as another step to strengthen the insurance industry in Nigeria. Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the event urged the executives
The National Insurance Commission NAICOM has issued a circular outlining additional regulatory requirements for life insurance companies carrying on annuity business in Nigeria. The circular, dated January 24, 2025, seeks to enshrine best practice in the management of annuity portfolios by insurance institutions in
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