NAICOM vows to hold re/insurers hands through recapitalisation

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has said it would provide guidance and maintain open communication with operators to ensure smooth implementation of the recapitalisation exercise.

The Commissioner for Insurance Olusegun Omosehin, said this at an event in Lagos, while confirming that the reviews of the recapitalisation plans submitted by insurers and reinsurers have been completed and the Commission will commence official communication to each company indicating the outcome of the review of progress report.

Omosehin noted that NAICOM will maintain open communication and provide guidance throughout this process and have secured the cooperation and support of other regulatory agencies in ensuring a seamless exercise.

“As leaders, we must prioritize trust-building and maintenance, fostering a culture of transparency, integrity, and accountability that inspires confidence in our customers, partners, and stakeholders.

“We must therefore make a collective commitment to deliver on our promises — to pay legitimate claims promptly, to communicate clearly with policyholders, and to uphold fairness in every transaction,” he posited.