The National Insurance Commission (NAICOM) has confirmed seven additional insurance Companies as compliant with the Minimum Capital Requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, bringing the industry’s recapitalisation exercise to a successful conclusion.
NAICOM, in a Public Notice on Thursday, listed the newly verified companies as emPLE General Insurance Limited (Non-Life), emPLE Life Assurance Limited (Life), Sovereign Trust Insurance Plc (Non-Life), Tangerine Life Insurance Limited (Life), Alliance & General Insurance Plc (Non-Life), Guinea Insurance Plc (Non-Life), and Regency Alliance Insurance Plc (Non-Life).
With this development, the Commission said forty-eight insurance companies and two reinsurance companies have now been confirmed and verified as compliant with the minimum capital requirements stipulated under NIIRA 2025 and other applicable insurance laws and guidelines.
The confirmation marks the conclusion of the Nigerian insurance industry’s recapitalisation exercise, which has seen operators across the sector shore up their capital base in line with the new regulatory framework introduced under NIIRA 2025.
NAICOM did not provide further details on the timeline or process for compliance verification in the notice, but the announcement signals the completion of a key phase of reform aimed at strengthening the financial stability and capacity of insurance and reinsurance companies operating in Nigeria.
