The National Insurance Commission (NAICOM) has set a July 2026 as the deadline for issuance of license to insurance and reinsurance companies that comply with the new Minimum Capital Requirement (MCR).
Mr Olusegun Omosehin, the Commissioner for Insurance, said this in a notice yesterday Abuja. Omosehin said the date was also the final MCR compliance deadline for companies.
He said the commission would commence Risk Based Capital implementation for companies that have fulfilled the MCR, with adequate transition timelines given for compliance at the expiration of the deadline.
Omosehin said the timelines were to ensure effective implementation of the Nigerian Insurance Industry Reform Act (NIIRA, 2025). “Under NIIRA 2025 and the guidelines issued by NAICOM, we have set clear expectations by specifying the MCR of N10 billion for life insurers, N15 billion for non-life insurers, and N35 billion for reinsurers.
“These timelines are firm. They reflect our commitment to a transparent, orderly, and risk-based transition to a stronger capital regime,” he said.
