NAICOM Clears Seven More Insurers, Closes Recapitalisation Exercise At 50 Operators

By LOVETH-AZODO CHIJIOKE, Lagos

The National Insurance Commission (NAICOM) has confirmed seven additional insurance companies as compliant with the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, bringing the total number of verified operators to 50 and formally concluding the industry’s recapitalisation exercise.

The development was contained in a notice to the general public signed by the Commission’s management and dated August 13, 2026.

The seven 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.

With the latest verification, NAICOM said 48 insurance companies and two reinsurance companies have now been confirmed and verified as compliant with the new Minimum Capital Requirements prescribed under NIIRA 2025 and applicable insurance laws and guidelines.

The Commission consequently declared the recapitalisation exercise successfully concluded.

The latest development comes after NAICOM had earlier published a list of 41 insurance companies and two reinsurers that had satisfied the new capital requirements and subsequently issued fresh operating licence certificates to the compliant operators.

The Commission had, however, disclosed that eight insurance companies were still undergoing final verification, after submitting their recapitalisation documents close to the July 31 deadline.

NAICOM had given itself a 14-day period to complete the verification of the affected companies, leaving the industry waiting to see how many would eventually make the final list.

However, the development leaves one of the eight companies previously identified as undergoing final verification outside the final list announced by the Commission.

NAICOM’s latest notice does not state the reason why the eighth company was not included among the seven additional companies confirmed as compliant.

The seven newly verified operators cut across both life and non-life insurance businesses. Four of them emPLE General Insurance, Sovereign Trust Insurance, Alliance & General Insurance, Guinea Insurance and Regency Alliance Insurance are listed under non-life, while emPLE Life Assurance and Tangerine Life Insurance are listed as life insurers.

The conclusion of the exercise marks a significant change in the structure of Nigeria’s insurance market, with the Commission moving from the previous register of licensed operators to a post-recapitalisation market comprising companies that have been confirmed to meet the new capital thresholds.

It also brings to an end the uncertainty surrounding most of the operators whose compliance status remained under review after the July 31 deadline.

While the Commission has declared the recapitalisation exercise concluded, its latest notice provides no further explanation on the status of the company left out of the additional seven.