The National Insurance Commission, NAICOM, has cleared a final seven insurance companies as meeting new minimum capital requirements, bringing its year-long recapitalisation exercise to a close.
The newly confirmed firms are emPLE General, emPLE Life, Sovereign Trust, Tangerine Life, Alliance and General, Guinea Insurance, and Regency Alliance. Five of them are non-life insurers, and two are life insurers.
This brings the total number of compliant companies to 50, made up of 48 insurers and two reinsurers, under the Nigerian Insurance Industry Reform Act of 2025.
Companies that did not meet the deadline, including Staco Insurance and Universal Insurance, now face regulatory consequences such as possible liquidation or merger, as NAICOM works to leave the industry with a smaller, better-capitalised group of insurers.
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