The National Insurance Commission has heightened its oversight of the ongoing industry recapitalisation, as it prepares to commence formal verification of the capital bases of 16 insurance companies.
To ensure the integrity and transparency of the process, the Commission has engaged the “Big Four” global accounting firms, PwC, KPMG, Deloitte and EY, to execute an independent verification exercise.
The Managing Director of Rex Insurance Limited and Chairman of the Communication and Stakeholder Engagement Sub-Committee of the Insurers Committee, Ebelechukwu Nwachukwu, disclosed this during the committee’s monthly meeting in Lagos.
According to her, the Commissioner for Insurance, Olusegun Omosehin, noted that while 20 insurance companies had written to seek verification of their accounts, 16 firms have been officially confirmed to proceed.
Nwachukwu explained that involving global audit giants is a strategic move to provide an unbiased assessment of the financial positions of the firms that have indicated readiness.
The verification will scrutinise assets, cash reserves and overall compliance with the new minimum capital requirement as stipulated under the Nigerian Insurance Industry Reform Act 2025.
