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Tag: NAICOM

Finance

NAICOM rules out extension of insurance recapitalisation deadline

The National Insurance Commission has reiterated that it will not extend the ongoing recapitalisation deadline in the insurance industry, stressing that the timeline is clearly stipulated by law and cannot be altered. The commission’s Deputy Commissioner for Insurance (Technical), Dr Usman Jankara, made this known while representing the Commissioner for Insurance and Chief Executive Officer […]

Business

18 Insurers join NAICOM as recapitalisation effort gains momentum

The National Insurance Commission has reported a positive initial response to its recapitalization drive, with 18 insurance companies formally indicating their readiness to proceed with capital verification. The CEO Olusegun Omosehin, speaking at the EY Insurance Summit 2025, described the industry’s engagement in the process as encouraging. “Let me say that the industry’s response has […]

Telecommunications

NAICOM orders NIN linkage for insurance policies

The National Insurance Commission, has issued a directive mandating individual customers of insurance companies to link their National Identification Number to their insurance policies by April 2026. NAICOM also directed corporate clients to provide Certificate of Incorporation documents before the deadline. The directive was contained in a circular with the number NAICOM/TD/MCCB/CIR/73/2025, titled “Mandatory Submission […]

NAICOM warns insurers over 2026 recapitalisation deadline
News

NAICOM warns insurers over 2026 recapitalisation deadline

The National Insurance Commission has warned that insurance and reinsurance firms that fail to meet the July 2026 recapitalisation deadline will face strict sanctions, including forced mergers or liquidation. In a circular to all operators, Deputy Commissioner (Technical), Dr Usman Jankara, said the commission would not hesitate to enforce regulatory action against non-compliant companies. The […]

NAICOM reveals over 1,500 complaints against Nigerian insurers
News

NAICOM reveals over 1,500 complaints against Nigerian insurers

The National Insurance Commission has released a comprehensive report revealing that 1,571 complaints were lodged by policyholders against various insurance companies in Nigeria, with Industrial and General Insurance Plc recording the highest number of grievances. Published on NAICOM’s website on Wednesday, the report is part of the commission’s ongoing efforts to ensure insurers honor valid […]

Insurance News

NAICOM directs African Alliance Insurance to resolve pending customer claims

The National Insurance Commission, the key regulating authority for Nigeria’s insurance sector, has directed the Board of African Alliance Insurance Plc to address and settle any outstanding client claims. This disclosure was made in a statement issued in Abuja on Friday by NAICOM’s management, according to Nairametrics. The commission stated that this decision was motivated […]

Pension funds climb by 22% to N18tn - NAICOM
News

Pension funds climb by 22% to N18tn – NAICOM

The total assets under the Contributory Pension Scheme hit N18.36 trillion by the end of 2023, according to National Pension Commission data. The PUNCH reported that PenCom’s unaudited report on pension funds sector portfolio for the period ended December 2023; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (including unremitted contributions @CBN & […]

Pension funds climb by 22% to N18tn - NAICOM
Business

NAICOM penalizes underwriters who use illegal firms

A few insurance companies have been penalized by the National Insurance Commission for collaborating with unlicensed middlemen. The Punch reported that this was stated by the Commissioner of NAICOM for Insurance, Mr. Sunday Thomas, at the director’s conference for the insurance sector in Lagos, which had as its theme, “Driving insurance sustainability through innovations and performance: directors’ […]

Pension funds climb by 22% to N18tn - NAICOM
Business

Authorized insurance companies increase to 67 – NAICOM

The National Insurance Commission’s most recent numbers, which were obtained on Sunday, show that there are now 67 insurance companies with operating licenses in Nigeria. According to The Punch, NAICOM stated on Sunday that the number of companies increased from 54 to 67 in the most recent report. According to NAICOM’s report, the insurance firms consisted of “Life, 13; […]

Pension funds climb by 22% to N18tn - NAICOM
Oil and Gas

NAICOM, operators to inspect local content in oil industry

The benefits and difficulties of putting the requirements of the Nigerian Oil and Gas Industry Content Development Act into practice will be discussed by stakeholders and regulatory organizations in the oil and gas industry as well as the insurance sector. “The National Insurance Commission has agreed to facilitate discussion at the 2023 National Conference on […]

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