Recapitalisation: NAICOM Confirms 7 More Insurers, Raises Compliant Operators To 48

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.

The latest confirmation brings the total number of compliant operators to 48 insurance companies and two reinsurance companies, effectively marking the successful conclusion of the industry’s recapitalisation exercise.

In a public notice released yesterday, NAICOM listed the seven newly verified insurers and their respective licence categories. They are: 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.

The seven firms were part of eight insurers that remained under regulatory verification after NAICOM’s initial publication on August 1, 2026, which listed 43 insurance companies and two reinsurers as compliant following the close of the recapitalisation window on July 31, 2026.

“With the latest verification, a total of 48 insurance companies and two reinsurance companies have now been confirmed and verified as compliant with the Minimum Capital Requirements prescribed under NIIRA 2025,” NAICOM stated.

The Commission said the development represents a major milestone in strengthening the financial capacity, resilience and competitiveness of Nigeria’s insurance industry.

Under NIIRA 2025, non-life insurers are required to maintain a minimum capital base of N15 billion, life insurers N10 billion, composite insurers N25 billion, and reinsurers N35 billion.

NAICOM noted that rather than relying solely on declarations of compliance, it subjected companies that met the thresholds to regulatory checks before confirming their final status.

With the verification process now concluded, attention is expected to shift from meeting capital thresholds to deploying the strengthened capital base. The Commission said this should translate to improved underwriting capacity, better risk management, stronger claims-paying ability and greater protection for policyholders.

Industry stakeholders stated the conclusion of the exercise provides an opportunity to deepen insurance penetration, attract larger risks in sectors such as oil, gas and infrastructure, and enhance the industry’s contribution to national economic growth.