The National Insurance Commission (NAICOM) has reiterated that transparency and integrity in the ongoing Minimum Capital Requirement (MCR) verification exercise are non-negotiable.

Commissioner for Insurance, Olusegun Ayo Omosehin, stated this at the EY Insurance Summit on the Nigerian Insurance Industry Reform Act (NIIRA) 2025, highlighting NAICOM’s multi-layered reform agenda.

“Every entity must pass through the scanner to validate compliance with the MCR. Our partnership with Big 4 audit firms ensures independent verification, strengthening investor confidence and market credibility,” Omosehin said.

He confirmed that insurers have responded positively, with boards approving strategies for fresh capital injection, mergers, and operational restructuring.

Recapitalisation, he noted, is just the foundation, with NAICOM set to implement the Risk-Based Capital (RBC) framework to align capital requirements with each institution’s risk profile.

The Commissioner also emphasized the role of actuarial expertise under IFRS 17, asserting that actuaries will support liability valuation, RBC computation, and enhanced regulatory analytics.

NAICOM expects insurers, reinsurers, auditors, brokers, and technology partners to comply fully with MCR timelines, adopt transparent reporting, invest in technology, and embed robust risk management and financial inclusion practices.

Looking ahead, Omosehin outlined a vision for a digitally transformed, resilient, and globally competitive insurance sector, leveraging AI, IoT, ESG principles, and local risk modeling to tackle evolving threats such as climate change, cyber risks, and public health challenges.

“Achieving this vision requires strong balance sheets, cohesive regulation, and unified industry action,” he concluded.