NAICOM has transferred operational control of African Alliance Insurance Plc to a newly constituted Board nominated by the company’s shareholders.
The commission described staff welfare as a top priority.
Mr Omosehin emphasised the need for simpler and more relatable communication to attract young Nigerians.
The commissioner for insurance and chief executive officer of NAICOM, Olusegun Omosehin, disclosed this during a media interactive session in Lagos.
The National Insurance Commission said 20 insurance companies have applied for verification under the ongoing recapitalisation exercise.
He said the commission had the mandate to ensure that insurance service providers lived up to their obligations.
The newly inaugurated 23rd president of the Nigerian Council of Registered Insurance Brokers, Ekeoma Ezeibe, has unveiled plans to expand insurance awareness nationwide.
NIIRA introduced a shift to a risk-based capital (RBC) framework for insurance and reinsurance companies in the country.
The insurance consultant urged NAICOM to provide clear regulatory guidance and ensure fair enforcement.
Me Omosehin said the critical role of recapitalisation was to stabilise the industry and contribute to the country’s $1 trillion economy vision.
