Key pointsThe National Insurance Commission (NAICOM) has presented new licence certificates to insurance companies that met the revised minimum capital requirements. NAICOM announced that its next major regulatory reform will be the implementation of the Risk-Based Capital (RBC) framework. A total of 43 insurance companies declared compliant are expected to receive the new licences. He urged the newly licensed firms to utilise their stronger capital base to expand insurance coverage, introduce innovative products and improve insurance penetration across the country. Bottom LineThe issuance of new licences to recapitalised insurance companies marks a significant step in strengthening Nigeria’s insurance industry.