The National Insurance Commission has issued new guidelines on recapitalisation, giving insurance and reinsurance companies in Nigeria until July 2026 to comply. The directive follows the enactment of the Nigerian Insurance Industry Reform Act 2025.
Under the new rules, the minimum capital base for non-life insurers has been set at 15 billion naira, while life insurance firms must hold at least 10 billion naira. Reinsurance companies face the highest threshold, with a requirement of 35 billion naira.
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NAICOM has directed all insurers to submit recapitalisation plans by 30 September, including audited financials, statutory deposits with the Central Bank and detailed funding strategies. Monthly progress reports will also be required, with capital verification exercises scheduled to begin in November.
The commission warned it will strictly enforce the new law against defaulters. The Securities and Exchange Commission has created a special desk to fast-track capital market approvals for insurance firms seeking fresh funds.
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