BY NKECHI BAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) and the Corporate Affairs Commission (CAC) has promised to work together to issue guidelines to facilitate the insurance industry recapitalization process.
Both agency had the agreement when the leadership of NAICOM, led by the Commissioner for Insurance, Olusegun Ayo Omosehin, visited Registrar General of the commission, Barr. Hussaini Magi, in his office today.
They also agreed enhance data exchange between the two agencies and provide concessions and expedited clearance where necessary
A statement released by the commission said the meeting centered on discussing the implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, with a focus on collaborative efforts to ensure a smooth transition.
It added that the Commissioner for Insurance (CFI) expressed gratitude to the Registrar General for the warm reception and acknowledged the CAC’s management for their ongoing support and collaboration.
He highlighted key provisions of NIIRA 2025, emphasizing the importance of CAC’s support in meeting the 12-month timeline for recapitalization stipulated in the Act.
In response, the Registrar General thanked the CFI and reaffirmed his commitment to supporting President Bola Tinubu’s vision for a robust economy.
He noted the long-standing partnership between CAC and NAICOM in promoting the growth of the Nigerian economy.
The Registrar General assured the CFI of CAC’s support for the insurance industry reforms, pledging to collaborate with NAICOM.
This visit underscores the commitment of both agencies to work together in driving the growth and development of the insurance industry in Nigeria.
