NAICOM Clears Fresh Seven Insurers for Recapitalisation
NAICOM has cleared seven more insurers under Nigeria’s new capital rules, bringing the long-running industry recapitalisation exercise to an end.
In a notice to the general public dated August 13, 2026, the commission said the seven companies had been confirmed and verified as compliant with the minimum capital requirements prescribed under NIIRA 2025 and other applicable insurance laws and guidelines.
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, five are non-life insurers, while two operate in the life insurance segment. NAICOM listed emPLE General, Sovereign Trust, Alliance & General, Guinea Insurance and Regency Alliance under the non-life category, while emPLE Life and Tangerine Life were classified as life insurers.
With the latest approvals, NAICOM said a total of 48 insurance companies and two reinsurance companies have now been confirmed and verified as meeting the new minimum capital requirements under NIIRA 2025.
The latest batch joins the 41 insurance companies and two reinsurers previously confirmed by the regulator following the verification of their recapitalisation efforts.
The completion of the exercise marks a major milestone in NAICOM’s efforts to strengthen the capital base of the Nigerian insurance industry and improve insurers’ capacity to underwrite larger and more complex risks.
However, several companies that failed to meet the prescribed requirements, including Universal Insurance, Staco Insurance, Nigeria Re, NICON and Goldlink, were not included among the firms confirmed as compliant in the latest update.
NAICOM described the development as the successful conclusion of the industry’s recapitalisation exercise, following the verification of companies’ compliance with the new capital framework.
The exercise is expected to leave the industry with a more clearly defined pool of adequately capitalised insurers and reinsurers, while firms that failed to satisfy the requirements remain subject to the applicable regulatory consequences for non-compliance.
The conclusion of the recapitalisation programme also marks a significant shift in the structure of Nigeria’s insurance market, as the regulator moves from capital raising and verification towards ensuring that insurers deploy their strengthened balance sheets to support greater risk absorption, underwriting capacity and industry growth.
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