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NAICOM issues new licences to seven insurance firms
The National Insurance Commission (NAICOM) has issued new licences to seven more insurance companies that have met and been verified as compliant with the new minimum capital requirement under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025).
NAICOM announced the development on Thursday, describing it as another major step towards strengthening confidence and improving financial stability in Nigeria’s insurance sector.
The commission said the licensing of the seven companies would also promote higher standards of professionalism and contribute to the continued development of the insurance industry.
The 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; Regency Alliance Insurance Plc.
Speaking on the development, Commissioner for Insurance, Mr. Segun Omosehin, urged the companies to ensure the prudent and effective utilization of their capital to support sustainable growth and strengthen policyholder protection.
He further charged them to leave behind the unethical practices of the past and embrace the highest standards of corporate governance, transparency, and accountability.
He emphasised that all industry stakeholders must work collectively to build a stronger, more credible, and resilient insurance sector, one that consistently fulfill its obligations, delivers on its promises, and inspires greater trust and confidence among Nigerians.
He further announced that the commission’s next major regulatory initiative will be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels will be aligned with the risks inherent in their business portfolios.
A total of 50 insurance companies were declared compliant with the new capital requirements. The issuance of the certificates marks the commencement of a phased transition to higher capital standards aimed at enhancing the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.
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