The National Insurance Commission (NAICOM) has constituted the 2025 recapitalisation committee, following President Bola Tinubu’s assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025.

A statement by NAICOM in Abuja on Tuesday said that the 11-member committee’s primary responsibility would be to oversee the implementation of the industry’s recapitalisation programme.

The commission said its responsibility would also include ensuring compliance with revised capital requirements and promoting transparency and integrity in sourcing and verifying capital inflows.

NAICOM quoted the commissioner for insurance, Olusegun Omosehin, as saying that the critical role of recapitalisation was to stabilise the industry and contribute to the country’s $1 trillion economy vision.

Mr Omosehin urged the committee, to be chaired by Oluwatoyin Charles, the director of supervision in the commission, to approach its task with professionalism, diligence and commitment.

He listed some terms of reference for the committee to include developing a recapitalisation roadmap, guidelines and circulars, minimum capital requirements and incentives and concessions.

”The Committee will submit monthly progress reports to management and provide quarterly updates to the governing board and stakeholders.

”NAICOM is confident that the Committee will successfully deliver on its mandate, shaping the future of Nigeria’s insurance sector.

“The Committee’s success is vital to the industry’s stability and growth, and NAICOM looks forward to collaborating with all stakeholders to achieve this objective.

”With the NIIRA 2025, NAICOM aims to position the insurance industry for greater transparency, innovation, and global competitiveness, aligning with the Federal Government’s vision of achieving a $1 trillion economy,” he said.

(NAN)