Seven insurance and reinsurance companies remain outside the list of operators publicly confirmed by the National Insurance Commission (NAICOM) as having satisfied the new minimum capital requirements introduced under the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
The companies are Goldlink Insurance Plc, African Alliance Insurance Plc, Royal Exchange Prudential Life Plc, Staco Insurance Plc, Universal Insurance Plc, NICON Insurance Limited and Nigerian Reinsurance Corporation.
Their names have not appeared in the two batches of compliance announcements released by NAICOM, which have so far identified 50 companies as having met the recapitalisation requirements.
However, the position of Nigerian Reinsurance Corporation differs from that of the other six companies. NAICOM had previously revoked the reinsurer’s operating licence for failing to meet the new minimum capital requirement and subsequently appointed a receiver to oversee its affairs.
The absence of the other six insurers from the regulator’s published compliance lists does not, on its own, establish that they have failed the recapitalisation exercise, as NAICOM has not publicly said so.
The development nevertheless leaves the regulatory status of the affected operators under scrutiny, particularly following the conclusion of the deadline for existing insurers to meet the new capital requirements.
Under NIIRA 2025, existing insurers are required to comply with the minimum capital requirements applicable to their respective classes of business. The Act also empowers NAICOM to cancel the registration of an insurer or reinsurer that fails to satisfy the prescribed capital requirements.
What NAICOM has confirmed
NAICOM’s first public announcement confirmed 43 insurance and reinsurance companies as having satisfied the new minimum capital requirements following the recapitalisation exercise.
The commission subsequently announced seven additional companies after completing the verification of evidence submitted around the July 31, 2026 deadline.
The 50 companies publicly confirmed so far comprise 48 insurers and two reinsurers.
The compliant operators are spread across the composite, life, non-life and reinsurance segments.
Composite insurers
The eight composite insurers confirmed by NAICOM are Leadway Assurance Company Limited, AIICO Insurance Plc, Cornerstone Insurance Plc, AXA Mansard Insurance Plc, LASACO Assurance Plc, Fortis Global Insurance Plc, Industrial and General Insurance Plc and Great Nigeria Insurance Plc.
Life insurers
The 10 life insurers are Custodian Life Assurance Limited, CHI Life Assurance Limited, Heirs Life Assurance Limited, Prudential Zenith Life Insurance Ltd, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Ltd, Enterprise Life Assurance Company (Nigeria) Ltd and Coronation Life Assurance Limited.
The additional life insurers subsequently confirmed were emPLE Life Assurance Limited and Tangerine Life Assurance Limited.
Non-life insurers
The 23 non-life insurers initially confirmed are Zenith General Insurance Company Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, Heirs General Insurance Limited, Fin Insurance Company Limited, Mutual Benefits Assurance Plc, Tangerine General Insurance Ltd, Capital Express Indemnity Insurance Limited, Sanlam-Allianz General Insurance Nigeria Ltd, Consolidated Hallmark Insurance Limited, Sterling Assurance Nigeria Limited, Unitrust Insurance Co. Limited, NSIA Insurance Limited, Rex Insurance Limited, Linkage Assurance Plc, Anchor Insurance Company Ltd, Sunu Assurances Nigeria Plc, KBL Insurance Ltd, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd, Coronation Insurance Plc and Prestige Assurance Plc.
NAICOM later added emPLE General Insurance Limited, Sovereign Trust Insurance Plc, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc to the compliant list.
Meanwhile, only two reinsurers, Continental Reinsurance Plc and FBS Reinsurance Limited, have been publicly confirmed as compliant.
With the number of publicly verified compliant operators now standing at 50, attention is shifting from the companies that have met the new threshold to those whose status remains unresolved.
For the six insurers that have not appeared on NAICOM’s published compliance lists, the next regulatory steps could provide greater clarity on whether they remain eligible to operate under their existing licences or will be subject to further action by the commission.
