Ebere Nwoji
Ahead of July 31 deadline given to insurance operators to recapitalise, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has warned that the deadline must be treated with the urgency it deserved.
Omosehin who spoke at the investiture ceremony of the 53rd President of the Chartered Insurance Institute of Nigeria(CIIN), Mr Akinjide Orimolade, however said he admired the progress already made by several operators in raising capital.
According to him, they have engaged investors, improved governance arrangements, and submitted to the verification processes required under the new framework.
He said, “We commend this seriousness of purpose. However, we must be clear: the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves.NAICOM remains committed to a transparent, fair, and firm process. Our expectation is that every operator will demonstrate readiness, financial soundness, and full compliance.”
The commissioner insisted that a stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians could trust.
“These reforms are designed to strengthen institutions and operators, but their true measure will be the extent to which insurance delivers on its core promise: protection, resilience, confidence, and economic stability”, he noted.
According to Omosehin, the vision cannot be achieved by regulation alone. It requires the commitment of regulators, operators, professional bodies, academia, policymakers, and development partners.
For the new President and Council of CIIN, he suggested three key focus areas for his tenure.
These he highlighted as first, deepening professionalism and ethics. He said the institute must continue to raise the standard of practice across the industry, with stronger emphasis on competence, ethical judgement, market discipline, consumer fairness, and continuous professional development.