BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission,((NAICOM), on Monday said only eight insurance companies are yet to be verified by the commission.
The commission disclosed this today while releasing the 43 insurance firms that met the new minimum capital requirements set up by NIIRA
According to NAICOM “The eight insurance companies submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review.
This, the commission said would be concluded within fourteen days.
Insurance companies not listed among the 43 verified firms include those currently undergoing final regulatory review, as well as unverified operators at risk of liquidation—such as NICON Insurance Plc; Goldlink Insurance Plc Nigerian Reinsurance; Nigerian Agricultural Insurance Corporation ; Royal Exchange Prudential Life Plc; Tangerine Life Insurance Limited; Sovereign Trust Insurance Plc; African Alliance Insurance Plc; Guinea Insurance Plc; Regency Alliance Insurance Plc; Staco Insurance Plc; Alliance & General Insurance; Universal Insurance Plc; emPle General Insurance Company Nigeria Limited and emPle Life Assurance Limited.
NAICOM had announced the successful completion of the twelve-month insurance sector recapitalization exercise undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by His Excellency, President Bola Ahmed Tinubu, as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.
The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country.
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.
