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The National Insurance Commission (NAICOM) has verified and confirmed seven additional insurance companies as compliant with Nigeria’s new minimum capital requirements, bringing the total number of insurance and reinsurance firms cleared under the recapitalisation exercise to 50.
The latest approvals effectively mark the conclusion of the industry-wide recapitalisation exercise, as the regulator moves forward with operators that successfully satisfied the revised capital thresholds under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a notice dated August 13, 2026, NAICOM said the seven companies had completed the required verification process and met the minimum capital requirements, alongside other applicable insurance laws, regulations and guidelines.
The newly confirmed 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.
Five of the companies operate in the non-life insurance segment, while two are life insurers.
emPLE General Insurance, Sovereign Trust Insurance, Alliance & General Insurance, Guinea Insurance and Regency Alliance Insurance were confirmed as non-life insurers, while emPLE Life Assurance and Tangerine Life Insurance were cleared under the life insurance category.
48 insurers, two reinsurers cleared
With the latest approvals, NAICOM said 48 insurance companies and two reinsurance companies have now been confirmed and verified as having met the new Minimum Capital Requirements.
“With this development, forty-eight (48) insurance companies and two (2) reinsurance companies have been confirmed and verified as compliant with the Minimum Capital Requirements stipulated under NIIRA 2025 and applicable insurance laws and guidelines issued by the Commission,” NAICOM said.
The Commission said the development represents the successful conclusion of the recapitalisation exercise, which was introduced to strengthen the financial capacity of insurance operators and improve their ability to underwrite larger risks.
The latest announcement also provides greater clarity on the position of companies that did not make the final approved list.
Although NAICOM’s notice did not identify the unsuccessful operators, reports have named NICON Insurance, Nigeria Re, Universal Insurance, Staco Insurance and Goldlink Insurance among companies that failed to secure final confirmation under the recapitalisation process.
Some of the affected companies have reportedly continued efforts to regain their operating licences.
Recapitalisation reshapes insurance market
NAICOM’s decision to conclude the verification process signals that the regulator is proceeding with operators based on their compliance with the revised capital requirements rather than delaying the process pending further attempts by non-compliant companies.
The completion of the exercise is expected to reshape Nigeria’s insurance market, with firms that met the new requirements receiving regulatory confirmation while those that failed to comply face the consequences prescribed under the regulatory framework.
The exercise forms part of NAICOM’s broader efforts to strengthen the financial resilience of the insurance industry through improved capitalisation, stronger solvency controls, regulatory compliance and greater reinsurance capacity.
The revised capital requirements were introduced amid concerns over the capacity of some insurers to underwrite large risks, meet claims obligations and remain competitive in an increasingly complex financial environment.
A stronger capital base is expected to enable compliant insurers to take on larger risks, absorb financial shocks and improve their ability to support economic activity.
For policyholders, the conclusion of the exercise provides greater clarity on the operators that have satisfied the regulator’s latest financial requirements.
However, the confirmation also places an ongoing responsibility on approved insurers to maintain adequate capital, strengthen governance and risk management, meet legitimate claims obligations and comply with NAICOM’s continuing regulatory requirements.
New licence numbers issued
The seven newly approved companies were assigned licence numbers LIC 042 to LIC 048 by NAICOM.
The assignments are:
- emPLE General Insurance Limited — LIC 042
- emPLE Life Assurance Limited — LIC 043
- Sovereign Trust Insurance Plc — LIC 044
- Tangerine Life Insurance Limited — LIC 045
- Alliance & General Insurance Plc — LIC 046
- Guinea Insurance Plc — LIC 047
- Regency Alliance Insurance Plc — LIC 048
The final confirmation of 48 insurance companies and two reinsurance companies marks a significant milestone in Nigeria’s insurance sector, establishing the group of operators that have passed NAICOM’s verification process under the new capital regime.
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