“NAICOM Confirms 43 Insurers Meet NIIRA 2025 Capital Requirements” — Eight Others Under Final Verification

The National Insurance Commission has confirmed that 43 insurance and reinsurance companies have complied with the new minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act 2025.

NAICOM announced the development in a public notice issued following the expiration of the July 31 statutory deadline for insurance and reinsurance operators to meet the recapitalisation requirements introduced by the Act.

According to the commission, the verified operators comprise life, non-life and composite insurance companies, as well as reinsurance firms that successfully demonstrated compliance with the required capital thresholds.

The companies confirmed as compliant are Zenith General Insurance Company Limited, Leadway Assurance Company Limited, Custodian Life Assurance Limited, Custodian and Allied Insurance Plc, NEM Insurance Plc, AIICO Insurance Plc, CHI Life Assurance Limited, Heirs General Insurance Limited, FIN Insurance Company Limited, Cornerstone Insurance Plc and Mutual Benefits Assurance Plc.

Others are Heirs Life Assurance Limited, Tangerine General Insurance Limited, Capital Express Indemnity Insurance Limited, Continental Reinsurance Plc, FBS Reinsurance Limited, Sanlam-Allianz General Insurance Nigeria Limited, Prudential Zenith Life Insurance Limited, Consolidated Hallmark Insurance Plc, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Sterling Assurance Nigeria Limited, AXA Mansard Insurance Plc and Unitrust Insurance Company Limited.

Also on the list are Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Limited, NSIA Insurance Limited, Rex Insurance Limited, LASACO Assurance Plc, Linkage Assurance Plc, Anchor Insurance Company Limited, Enterprise Life Assurance Company Nigeria Limited, SUNU Assurances Nigeria Plc, KBL Insurance Limited, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Limited, Fortis Global Insurance Plc, Coronation Life Assurance Limited, Industrial and General Insurance Plc, Coronation Insurance Plc, Prestige Assurance Plc and Great Nigeria Insurance Plc.

NAICOM said the listed companies had been confirmed and verified as having satisfied the statutory minimum capital requirements under NIIRA 2025 and urged policyholders, investors and other stakeholders to take note of the compliant operators.

The commission also disclosed that eight additional insurance companies submitted evidence of compliance shortly before the July 31 deadline but were still undergoing final verification and regulatory review.

It said the verification of the eight companies would be concluded within 14 days, after which their compliance status would be determined.

NAICOM stated that the recapitalisation exercise had strengthened the financial capacity of insurance operators, attracted significant domestic and foreign investments and improved investor confidence in the sector.

According to the regulator, the higher capital base will enable insurance companies to underwrite larger and more complex risks, meet their obligations to policyholders promptly and contribute more effectively to infrastructure financing and other long-term investments.

The commission added that the recapitalisation would strengthen risk-based supervision by ensuring that the regulatory capital maintained by each operator corresponds with the nature, scale and complexity of the risks undertaken.

NAICOM described the exercise as an important foundation for building a stronger, more resilient and globally competitive insurance industry capable of delivering greater value to policyholders and contributing more significantly to Nigeria’s economic development.

The confirmation of the 43 compliant companies provides regulatory clarity for the affected operators, while the industry awaits the conclusion of the review involving the eight firms whose submissions remain under verification.

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