The National Insurance Commission (NAICOM) has revoked the operating licence of Universal Insurance Plc following the company’s failure to meet the new minimum capital requirement for non-life insurers.
The revocation took effect on August 14, 2026, after the insurer failed to meet the prescribed Minimum Capital Requirement (MCR) for its category of licence within the compliance period set by the commission.
Following the cancellation, NAICOM appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as the receiver/provisional liquidator of Universal Insurance to take control of the company’s affairs and oversee the liquidation process.
In a notice dated August 13, 2026, and addressed to the chairman of Universal Insurance’s Board of Directors, NAICOM said the action was taken under the powers granted to the commission by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The law empowers NAICOM to cancel the operating licence of an insurer that fails to address regulatory breaches, including failure to meet prescribed capital requirements, within the stipulated period.
In his appointment letter dated August 14, NAICOM directed Chukwumerije to immediately trace, recover, secure and take possession of the insurer’s assets.
He is also required to collate the company’s liabilities and facilitate their settlement in accordance with the provisions of NIIRA 2025. The receiver is expected to liaise with NAICOM on information available to the commission and submit periodic reports on the progress of the liquidation.
Chukwumerije, in a separate public notice dated August 18, formally notified banks, financial institutions, policyholders, creditors, debtors, customers and members of the public of Universal Insurance’s receivership.
He said his appointment followed NAICOM’s cancellation of the insurer’s licence over its failure to satisfy the applicable minimum capital requirement.
According to him, the provisions of NIIRA 2025 and the terms of his appointment empower him to assume management and control of the company and take steps necessary to preserve, protect and realise its assets.
He consequently urged individuals and institutions dealing with Universal Insurance’s funds, assets, records, policies, claims, liabilities or other affairs to verify the authority of anyone claiming to act on behalf of the company.
The development comes as NAICOM continues to enforce the industry’s new capital requirements introduced under NIIRA 2025, with insurers that failed to meet the prescribed thresholds facing regulatory action.
The recapitalisation exercise was designed to strengthen the financial capacity of insurance companies, improve their ability to underwrite risks and enhance confidence in the sector.
