Key Points
- NAICOM verified seven additional insurance companies under NIIRA 2025.
- The companies include four non-life and three life insurers.
- The latest verification brings the number of compliant insurers to 48.
- Two reinsurance companies have also been verified under the recapitalisation exercise.
Main Story
The National Insurance Commission (NAICOM) has verified seven additional insurance companies as having met the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
NAICOM disclosed this in a statement issued by its management on Thursday in Abuja.
The newly verified 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.
emPLE General Insurance Limited, Sovereign Trust Insurance Plc, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc were verified under the non-life category, while emPLE Life Assurance Limited and Tangerine Life Insurance Limited were verified under the life category.
The companies were assigned licence numbers LIC 042 to LIC 048 by the commission.
The latest verification brings the number of insurance companies confirmed and verified as compliant with the minimum capital requirements under NIIRA 2025 to 48.
Two reinsurance companies have also been confirmed and verified as compliant.
NAICOM said the verified companies were issued the applicable insurance laws and guidelines as part of the recapitalisation process.
The Issues
The verification forms part of NAICOM’s implementation of the minimum capital requirements introduced under NIIRA 2025 for insurance companies operating in Nigeria.
What’s Being Said
NAICOM said the latest verification brings the insurance industry recapitalisation exercise to a successful conclusion.
What’s Next
The verified insurers are expected to operate in line with the applicable insurance laws and regulatory guidelines issued by NAICOM.
Bottom Line
NAICOM has verified seven additional insurers under the new minimum capital requirements, bringing the number of compliant insurance companies to 48, alongside two verified reinsurance companies.
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