As the insurance recapitalisation deadline of July 31st 2026 draws near, the National Insurance Commission, NAICOM, has stated that it will not re-license any company with outstanding claims.
In a letter to all Managing Director/CEOs of insurance companies, issued yesterday, titled: “Regulatory Directive – Settlement of Discharged Claims as A Precondition for Re-Licensing Pursuant to the Ongoing Recapitalisation Exercise” NAICOM noted that the move is part of efforts to ensure that the exercise achieves its intended objectives.
The letter stated: “The ongoing recapitalisation exercise is aimed at strengthening the financial capacity, resilience, and overall stability of the insurance sector.
“As part of efforts to ensure that this exercise achieves its intended objectives and enhances public confidence in the insurance market, all insurance companies are hereby directed to fully settle all outstanding duly discharged claims.
“Please note that this is a mandatory pre condition for being certified as having fulfilled the statutory recapitalisation requirement and the Commission’s regulatory clearance.”
