The Nigerian Insurers Association (NIA) has credited the National Insurance Commission (NAICOM) for the successful completion of the industry’s recapitalisation exercise. According to NIA Chairman Ebelechukwu Nwachukwu, NAICOM’s structured guidelines and rigorous oversight under the 2025 Nigerian Insurance Industry Reform Act were instrumental in ensuring compliance. Forty-three insurance and reinsurance firms have met the new capital thresholds, while eight others remain under final review. This milestone aims to bolster the sector’s financial stability and global competitiveness. Meanwhile, NAICOM has begun enforcement, recently revoking the operating licence of Nigeria Reinsurance Corporation for failing to meet the minimum capital requirements.