The National Insurance Commission has emphasized that transparency and integrity are non-negotiable in the ongoing Minimum Capital Requirement verification exercise for insurance companies. The position was outlined by the Commissioner for Insurance, Olusegun Omosehin, during the EY Insurance Summit on the Nigerian Insurance Industry Reform Act 2025.
Omosehin explained that the commission is collaborating with global audit firms to ensure credibility in the capital verification process. The exercise is designed to independently validate compliance with minimum capital requirements, boosting investor confidence and overall market credibility.
He likened the verification process to airport security screening, where every insurer must pass a strict evaluation to confirm compliance. The collaboration with the “Big Four” audit firms provides an additional layer of independent scrutiny, aligning the process with existing laws and regulations.
The commission reported that industry operators are responding positively, with many insurers approving plans for fresh capital injections, mergers, and operational restructuring. NAICOM has completed reviews of recapitalization strategies and provided feedback to participating institutions, reinforcing its commitment to a more robust and transparent insurance sector.
