The National Insurance Commission (NAICOM) has directed insurance and reinsurance companies in the country to submit fresh reports on their capital compliance status.
In a circular dated September 8, 2025, and titled “Guidelines on Minimum Capital Requirement for Insurance and Reinsurance Companies,” the regulator asked operators to file their 2024 audited financial statements alongside second-quarter (Q2) returns as of June 30, 2025.
The notice, signed by Oluwatoyin Charles, Director of the Supervision Directorate, stressed that all submissions must follow the prescribed template issued by the commission.
According to NAICOM, the mandatory filing is part of a broader review to determine the financial health of operators and ensure they meet the Minimum Capital Requirement (MCR) ahead of the sector’s recapitalisation programme.
