Yemisi Izuora
The National Insurance Commission (NAICOM) has cleared seven insurance companies after confirming their status as meeting the recapitalization requirements.
The newly cleared 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.
Of the seven companies, four are non-life insurers, while three operate in the life insurance segment. The commission listed emPLE General, Sovereign Trust, Alliance & General, Guinea Insurance and Regency Alliance under the non-life category, while emPLE Life and Tangerine Life were listed as life insurers.
With the latest confirmation, NAICOM said a total of 48 insurance companies and two reinsurance companies have now been confirmed and verified as compliant with the minimum capital requirements under NIIRA 2025 and the commission’s applicable laws and guidelines.
Those that did not make it the list include Universal Insurance, Staco Insurance, Nigeria Re, NICON, Royal Exchange Prudential Life and Goldlink.
The regulator described the development as bringing the Nigerian insurance industry’s recapitalisation exercise to a successful conclusion.
The conclusion marks the latest stage in the regulatory drive to strengthen the capital base of Nigeria’s insurance industry and improve the capacity of insurers to underwrite larger risks.
The NAICOM, confirmed the firms as having met the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, effectively bringing the industry’s prolonged recapitalisation exercise to a close.
The latest approvals push the number of confirmed insurance companies to 50, comprising 48 insurance companies and two reinsurance companies.
In a notice to the general public dated August 13, 2026, the Commission said the seven insurers had been confirmed and verified as compliant with the minimum capital requirements prescribed under NIIRA 2025 and applicable insurance laws and guidelines.