By Benjamin A. Ameh
The National Insurance Commission (NAICOM) has confirmed and verified seven additional insurance companies as compliant with the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and applicable insurance laws and guidelines.
The Commission announced this in a Notice to the General Public dated August 13, 2026, listing the seven companies whose compliance with the new minimum capital requirements has now been established.
The latest confirmation brings the total number of insurance companies confirmed and verified by the Commission to 48, alongside two reinsurance companies, according to NAICOM Management.
The Commission consequently declared that the Nigerian insurance industry’s recapitalisation exercise under NIIRA 2025 has been successfully concluded.
In the notice, NAICOM said the companies were confirmed and verified as compliant with the minimum capital requirements stipulated under NIIRA 2025 as well as applicable insurance laws and guidelines issued by the Commission.
The seven newly confirmed companies are:
emPLE General Insurance Limited — Non-Life, Licence No. LIC 042
emPLE Life Assurance Limited — Life, Licence No. LIC 043
Sovereign Trust Insurance Plc — Non-Life, Licence No. LIC 044
Tangerine Life Insurance Limited — Life, Licence No. LIC 045
Alliance & General Insurance Plc — Non-Life, Licence No. LIC 046
Guinea Insurance Plc — Non-Life, Licence No. LIC 047
Regency Alliance Insurance Plc — Non-Life, Licence No. LIC 048
NAICOM: Recapitalisation exercise successfully concluded
According to the Commission’s Management, the latest development represents a major milestone in the implementation of the new capital requirements introduced under NIIRA 2025.
NAICOM stated that 48 insurance companies and two reinsurance companies have now been confirmed and verified as compliant with the minimum capital requirements stipulated under the new law and applicable regulatory guidelines.
The Commission said the development has brought the industry’s recapitalisation exercise to a successful conclusion.
The announcement effectively marks the completion of the regulatory verification process through which insurance and reinsurance operators were required to demonstrate compliance with the new capital regime.
Compliance subject to regulatory requirements
The Commission’s emphasis on companies being “confirmed and verified” is significant.
The exercise was not merely a process of companies announcing that they had raised capital. Operators were required to demonstrate compliance with the applicable statutory and regulatory requirements before the Commission could confirm their status.
NAICOM’s latest notice therefore provides the Commission’s formal position on the companies included in the latest batch.
The regulator’s confirmation also provides clarity to policyholders, shareholders, investors, brokers, agents and other stakeholders regarding the status of the affected operators under the new capital regime.
Seven companies complete the latest batch
The latest list contains both life and non-life insurance companies.
Only Tangerine Life Assurance Limited and emPLE Life Assurance Limited are listed under the life category, while the remaining five companies are classified as non-life insurers.
The announcement brings the licence sequence in the latest notice from LIC 042 to LIC 048.
NAICOM’s action demonstrates the Commission’s continued implementation of the provisions of NIIRA 2025 and its applicable regulatory framework.
What the development means for the insurance industry
The completion of the recapitalisation exercise represents a significant development in the evolution of Nigeria’s insurance industry.
The new capital requirements were introduced as part of broader efforts to strengthen the financial capacity and resilience of insurance companies operating in the country.
With the conclusion of the verification exercise, the industry now moves into a new phase in which the focus will increasingly be on the ability of compliant companies to operate sustainably within the regulatory framework.
The successful completion of the exercise is also expected to provide greater clarity about the composition of the Nigerian insurance market under NIIRA 2025.
Regulatory supervision continues
Although the recapitalisation exercise has been declared successfully concluded, the Commission’s supervisory responsibilities remain ongoing.
Compliance with minimum capital requirements is one aspect of prudential regulation. Insurance companies are also expected to continue complying with applicable laws, regulations, guidelines and supervisory requirements issued by NAICOM.
The Commission will therefore continue to exercise its statutory responsibilities in ensuring that operators maintain sound financial and operational standards.
The confirmation of the 48 insurance companies and two reinsurance companies should consequently be viewed as an important milestone in the implementation of NIIRA 2025 rather than an end to regulatory oversight.
NAICOM’s message to the public
The latest notice is also aimed at providing clarity to the general public and stakeholders on the outcome of the recapitalisation exercise.
By publishing the names and categories of the companies confirmed and verified as compliant, the Commission has provided an official record of the latest operators that have satisfied the applicable minimum capital requirements.
For policyholders and other members of the public, the notice provides a basis for identifying companies that have been formally confirmed by the regulator as compliant with the minimum capital requirements under the new regime.
Industry recapitalisation reaches conclusion
The recapitalisation exercise has been one of the most significant regulatory developments in Nigeria’s insurance sector under the new legal framework.
Its conclusion means that the industry has now crossed an important regulatory threshold.
According to NAICOM Management, the final outcome is 48 insurance companies and two reinsurance companies confirmed and verified as compliant with the minimum capital requirements under NIIRA 2025 and applicable insurance laws and guidelines.
The Commission described the development as bringing the Nigerian insurance industry’s recapitalisation exercise to a successful conclusion.
The immediate focus will now shift from the recapitalisation process to the continued operation, supervision and development of the compliant insurance market under the NIIRA 2025 regulatory framework.
For the Nigerian insurance industry, the conclusion of the exercise marks the beginning of a new phase — one in which the strength of the industry’s capital base will increasingly be measured by its ability to support sustainable underwriting, meet legitimate obligations and provide stronger protection for policyholders.
NAICOM’s latest notice therefore formally closes the recapitalisation chapter while reinforcing the Commission’s commitment to maintaining a financially sound, resilient and properly regulated Nigerian insurance industry.
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