NAICOM Concludes Insurance Recapitalisation Exercise
…Seven Additional Companies Achieve Compliance
By Patience Ikpeme
The National Insurance Commission (NAICOM) has formally brought Nigeria’s insurance industry recapitalisation exercise to a successful conclusion following the clearance and verification of seven additional insurance companies.
The announcement marks the final phase of an industry-wide financial restructuring conducted under the Minimum Capital Requirements (MCR) prescribed by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to a public notice issued by the management of NAICOM on August 13, 2026, the regulatory body verified seven more operating firms as fully compliant with the governing laws and regulatory guidelines.
The newly verified entities comprise 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 the inclusion of these seven institutions, the regulator confirmed that a total of 50 underwriting institutions—comprising 48 insurance companies and two reinsurance companies—have fulfilled all statutory minimum capital criteria.
In a official statement released in Abuja, the management of the Commission declared that the verification of the final batch of insurers effectively closes the capital raising and verification exercise.
“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 stated.
The recapitalisation drive, which commenced following the enactment of NIIRA 2025, sought to bolster the balance sheets of insurance operators, improve their underwriting capacity for complex risks, and protect policyholder interests. The framework established updated minimum capital thresholds across operational licenses, setting N10 billion for life insurance companies, N15 billion for non-life insurers, N25 billion for composite operators, and N35 billion for reinsurance firms.
Throughout the implementation timeline, NAICOM subjected all submitted capital assets and financial records to rigorous verification standards to eliminate encumbered assets, non-standard valuation practices, and unverified titles. Insurers that successfully cleared the multi-tier regulatory screening have demonstrated sound financial standing and operational viability under the newly established risk-based supervision framework.
