NAICOM clears 7 more insurers as recapitalisation exercise ends

The National Insurance Commission (NAICOM) has confirmed seven additional insurance companies as meeting the minimum capital requirements set under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The latest confirmation brings the number of insurance companies that have met the new capital requirements to 48.

NAICOM also confirmed two reinsurance companies as compliant, bringing the total number of insurance and reinsurance firms that have satisfied the requirements to 50.

In a notice issued on Thursday, the commission said the seven newly confirmed companies had been verified and found to meet the minimum capital requirements prescribed by NIIRA 2025, as well as other applicable insurance laws and regulatory guidelines.

The development is part of NAICOM’s ongoing efforts to ensure that insurance companies operating in Nigeria meet the new capital requirements and remain financially strong.

The seven companies are emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc, and Regency Alliance Insurance Plc.

Five of the newly confirmed companies are non-life insurers, while two are life insurers.

NAICOM said the latest confirmation brings the insurance industry’s recapitalisation exercise to a successful conclusion.

“With this development, forty-eight (48) insurance companies and two (2) reinsurance companies have been confirmed and verified as compliant with the Minimum Capital Requirements stipulated under NIIRA 2025 and applicable insurance laws and guidelines issued by the Commission, thereby bringing the Nigerian insurance industry recapitalisation exercise to a successful conclusion,” the commission said.

NAICOM had, on August 2, announced that 43 insurance and reinsurance companies had met the prescribed minimum capital requirements.

The commission had said eight insurance companies that submitted evidence of compliance shortly before the statutory deadline were undergoing final verification and regulatory review.

The recapitalisation exercise, undertaken pursuant to Section 15 and other relevant provisions of NIIRA 2025, was signed into law on July 31, 2025, as part of the federal government’s financial sector transformation agenda towards attaining a $1 trillion economy by 2030.

NAICOM said the exercise was aimed at building a stronger, more resilient, adequately capitalised and professionally governed insurance industry.

The commission also said the higher capital base would improve insurers’ ability to honour policyholder obligations, absorb emerging risks and underwrite larger and more sophisticated risks across strategic sectors of the economy.

The exercise, the agency added, would provide a stronger foundation for risk-based supervision by ensuring that regulatory capital is aligned with the nature, scale, complexity and risk profile of each licensed operator.

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