The National Insurance Commission has ruled out extending the ongoing recapitalisation deadline.
The Commissioner for Insurance, Olusegun Omosehin, described the July 31 deadline as final.
He explained that the timeline is backed by law and cannot be altered.
According to him, only the National Assembly can amend the set date.
Therefore, NAICOM will not entertain any request for deadline extension.
Omosehin also expressed concern over the slow response from some insurance firms.
He noted that many operators have not shown enough urgency.
However, about 20 companies have begun their capital verification process.
These firms are working with top auditing companies to meet regulatory requirements.
Despite this progress, NAICOM insists that more effort is needed industry-wide.
Furthermore, the Commission aims to build a stronger and more resilient insurance sector.
It wants companies capable of underwriting large and complex risks.
This goal aligns with Nigeria’s long-term economic growth ambitions.
Omosehin advised weaker firms to consider mergers or acquisitions immediately.
He warned against rushed partnerships formed close to the deadline.
Such arrangements often lead to operational and financial challenges.
In addition, NAICOM continues to monitor all insurance companies closely.
It plans to release findings from its regulatory assessments soon.
To ensure transparency, the Commission mandated the use of escrow accounts.
All raised capital must be properly documented and secured.
Ultimately, NAICOM remains firm on enforcing compliance across the industry.
The July 31 deadline stands, with no extension in view.
