CAC supports Naicom’s push for the 12 -month recapitalization chronology

The direction of the National Insurance Commission (Naicom) made a courtesy visit to the Registrar General of the Company’s business commission (CAC), Barr. Hussini Magaji San, in his office in Abuja. The meeting focused on the discussion of the implementation of the Nigeria Insurance Industry Reform Act (Niira) 2025, with particular attention to collaborative efforts to guarantee a regular transition.

The Commissioner for Insurance (CFI) expressed gratitude to Registrar General for the warm welcome and recognized the CAC management for their continuous support and collaboration. He highlighted the key provisions of Niira 2025, underlining the importance of CAC’s support in satisfying the 12 -month temporal sequence for the recapitalization stipulated in the law.

In response, Registrar General thanked the CFI and reaffirmed his commitment to supporting the vision of President Bola Tinubu for a solid economy. He noticed the longtime partnership between CAC and Naicom in promoting the growth of the Nigerian economy. The Registrar General has ensured the CAC support for CAC for reforms in the insurance sector, committing itself to collaborate with Naicom to:

– guidelines to facilitate the recapitalization process
– improves the exchange of data between the two agencies
– provide concessions and accelerated space where necessary