The National Insurance Commission (NAICOM) has announced the successful completion of the insurance sector recapitalisation exercise, with 43 insurance and reinsurance companies meeting the new minimum capital requirements, while eight others are undergoing final regulatory verification. According to NAICOM, the recapitalisation marks the beginning of a new era for the country’s insurance industry, creating a stronger, more resilient, professionally governed and policyholder-focused market. “However, eight insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. The Commission said it remained committed to strengthening consumer protection, promoting sound market conduct, expanding insurance penetration and building a globally competitive insurance industry. “The successful completion of this recapitalisation exercise is not the destination but the foundation.