NAICOM clears seven more insurers, confirms recapitalisation exercise complete
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The National Insurance Commission (NAICOM) has confirmed seven additional insurance companies as compliant with the new minimum capital requirements under the Nigeria Insurance Industry Reform Act (NIIRA) 2025, bringing the total number of verified compliant insurers to 48.
The latest companies cleared by the regulator 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.
NAICOM disclosed this in a notice to the general public signed by its management and dated August 13, 2026.
The development confirms an exclusive report earlier in the week by Daily Economy that five companies had successfully scaled the verification process and two undergoing verification, consisting of companies listed above, after submitting evidence of compliance shortly before the July 31, 2026 deadline.
The latest notice by the commission has now formally cleared all seven companies, effectively bringing the verification process for the affected insurers to an end.
NAICOM stated that the seven companies had been “confirmed and verified” as compliant with the minimum capital requirements stipulated under NIIRA 2025 and applicable insurance laws and guidelines.
With the latest additions, the commission said 48 insurance companies and two reinsurance companies have now been confirmed and verified as compliant.
The regulator said the development brings the Nigerian insurance industry’s recapitalisation exercise to a successful conclusion.
The latest list comprises five non-life insurers and two life insurance companies.
The non-life companies are EmPLE General Insurance Limited, Sovereign Trust Insurance Plc, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc, while EmPLE Life Assurance Limited and Tangerine Life Insurance Limited are in the life insurance category.
The conclusion of the exercise marks a major milestone in NAICOM’s implementation of the higher capital thresholds introduced under NIIRA 2025, which was enacted in 2025 as part of efforts to strengthen the financial capacity, resilience and competitiveness of Nigeria’s insurance industry.
The regulator had required insurers to meet the revised minimum capital requirements and subsequently subjected companies that submitted evidence of compliance to a verification process before they could be officially recognised as compliant.
NAICOM’s latest confirmation therefore provides formal regulatory backing to the seven companies that had been awaiting completion of the verification process.
