NAICOM Announces 43 Firms Scale Insurance Recapitalisation Hurdle

By Sola Alabadan

The National Insurance Commission (NAICOM) has announced that 43 insurance and reinsurance companies successfully met the prescribed Minimum Capital Requirements after the expiration of 12 months deadline given them to meet up with Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The verified companies include: Zenith General Insurance Company Limited, Leadway Assurance Company Limited, Custodian Life Assurance Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, AIICO Insurance Plc, CHI Life Assurance Limited, Heirs General Insurance Limited, FIN Insurance Company Limited, Cornerstone Insurance Plc, Mutual Benefits Assurance Plc, Heirs Life Assurance Limited, Tangerine General Insurance Limited and Capital Express Indemnity Insurance Limited.
Others are: Continental Reinsurance Plc, FBS Reinsurance Limited, Sanlam-Allianz General Insurance Nigeria Limited, Prudential Zenith Life Insurance Limited, Consolidated Hallmark Insurance Limited, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Sterling Assurance Nigeria Limited, AXA Mansard Insurance Plc, Unitrust Insurance Company Limited, 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.
The Commission added that eight other insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. This would be concluded within 14 days.
NIIRA was signed into law on July 31 July by President Bola Tinubu, as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.
Following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.
To ensure an orderly, transparent, credible, and verifiable process, the Commission issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria. The Guidelines provided detailed guidance on the statutory minimum capital requirements under NIIRA 2025, eligible and ineligible capital instruments, admissible and non-admissible assets, verification and validation procedures, regulatory timelines, reporting obligations, and supervisory expectations throughout the implementation period.
NAICOM believes the increase in minimum capital will improve insurers’ ability to honour policyholder obligations promptly, absorb emerging risks, support infrastructure and other long-term investments, and compete more effectively within regional and global insurance markets.
The recapitalisation exercise also provides a stronger foundation for enhanced risk-based supervision by the Commission, ensuring that regulatory capital remains appropriately aligned with the nature, scale, complexity, and risk profile of each licensed operator.
The Commission therefore reassured policyholders, investors, insurance operators, development partners, and the general public that, as the implementation of NIIRA 2025 continues alongside the modernisation of Nigeria’s insurance ecosystem through innovation, technology, and digitization, the Commission will continue to strengthen consumer protection, promote sound market conduct, and accelerate insurance penetration across the country.
NAICOM maintained that its unwavering commitment remains to build a fair, stable, innovative, inclusive, and globally competitive insurance market that inspires public confidence and delivers lasting value to policyholders and the Nigerian economy.
The Commission further stated that it would continue to engage stakeholders and provide regular updates on post-recapitalisation supervisory actions, companies undergoing final verification, industry restructuring developments, implementation of the Risk-Based Capital Framework, and other strategic initiatives designed to deepen insurance penetration and strengthen confidence in the Nigerian insurance industry.