The National Insurance Commission (NAICOM) has presented new licence certificates to insurance companies that successfully met the Commission’s new minimum capital requirements.
The Commisoner for Insurance, NAICOM, Mr Olusegun Omosehin, said this in a statement issued on Wednesday in Abuja.
Omosehin said the issuance of the new licences marked a significant milestone in the recapitalisation programme.
He said that the development signaled the beginning of a new regulatory era focused on stronger capitalisation, improved corporate governance, and enhanced product innovation.
He said it would help the commission’s broader drive to build a stronger, more resilient, and globally competitive insurance industry in Nigeria.
The commissioner urged the companies to leverage their enhanced capital base to drive innovation, develop new products, and deepen insurance penetration across the country.
He said that the commission had high expectations for professionalism, innovation, operational efficiency, and improved returns on investment.
According to him, the successful completion of the recapitalisation programme will position the industry for the next phase of regulatory reform.
Omosehin further said that the commission’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework.
He said that it would be under the insurers’ capital levels to align with the risks inherent in their business portfolios.
He reaffirmed NAICOM’s commitment to removing regulatory impediments where appropriate while maintaining robust oversight and enforcing standards that protect policyholders.
A total of 43 insurance companies declared compliant were expected to receive their new licences from the commission.
This will help enhance the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.
NAICOM confirms 43 insurers, reinsurers meet NIIRA 2025 capital requirements
Meanwhile, NAICOM had earlier confirmed that 43 insurance and reinsurance companies complied with the new minimum capital requirements stipulated under the NIIRA 2025.
The commission made this known in an earlier public notice issued in Lagos.
According to the regulator, the verified companies comprise life, non-life, composite insurance firms as well as reinsurance operators that have successfully met the statutory capital requirements.
The commission listed the compliant firms as Zenith General Insurance Company Ltd., Leadway Assurance Company Ltd., Custodian Life Assurance Ltd., Custodian and Allied Insurance Plc, NEM Insurance Plc, AIICO Insurance Plc, CHI Life Assurance Ltd., Heirs General Insurance Ltd., FIN Insurance Company Ltd., Cornerstone Insurance Plc and Mutual Benefits Assurance Plc.
Others are Heirs Life Assurance Ltd., Tangerine General Insurance Ltd., Capital Express Indemnity Insurance Ltd., Continental Reinsurance Plc, FBS Reinsurance Ltd., Sanlam-Allianz General Insurance Nigeria Ltd., Prudential Zenith Life Insurance Ltd., Consolidated Hallmark Insurance Plc, Stanbic IBTC Insurance Ltd., Sanlam-Allianz Life Insurance Nigeria Ltd., Sterling Assurance Nigeria Ltd., AXA Mansard Insurance Plc and Unitrust Insurance Company Ltd.
Also on the list are Capital Express Life Assurance Ltd., Mutual Benefits Life Assurance Ltd., NSIA Insurance Ltd., Rex Insurance Ltd., LASACO Assurance Plc, Linkage Assurance Plc, Anchor Insurance Company Ltd., Enterprise Life Assurance Company (Nigeria) Ltd., SUNU Assurances Nigeria Plc, KBL Insurance Ltd., International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd., Fortis Global Insurance Plc, Coronation Life Assurance Ltd., Industrial and General Insurance Plc, Coronation Insurance Plc, Prestige Assurance Plc and Great Nigeria Insurance Plc.
NAICOM said the listed companies had been confirmed and verified as compliant with the minimum capital requirements under NIIRA 2025.
The commission urged members of the public and stakeholders to take note of the list of compliant operators.
The publication follows the expiration of the July 31 deadline set by NAICOM for insurance and reinsurance companies to meet the recapitalisation requirements introduced under the NIIRA 2025.
NAICOM disclosed that eight insurance companies which submitted evidence of compliance shortly before the statutory July 31 deadline are undergoing final verification and regulatory review.
The regulatory commission said that the verification process for the affected companies would be concluded within 14 days.
The commission said the recapitalisation had enhanced the financial strength of operators, attracted significant domestic and foreign investments and boosted investor confidence in the insurance sector.
It noted that the exercise had also positioned insurers to underwrite larger and more complex risks, honour policyholder obligations promptly and support infrastructure financing and other long-term investments.
According to the commission, the higher capital base will further strengthen risk-based supervision by ensuring that regulatory capital is aligned with the nature, scale and complexity of the risks undertaken by licensed operators.
The commission expressed appreciation to the Federal Government, regulatory agencies, shareholders, investors, insurance operators, professional bodies, development partners and other stakeholders for their support during the exercise.
It described the completion of the recapitalisation programme as the foundation for building a stronger, more resilient and globally competitive insurance industry capable of delivering greater value to policyholders and the Nigerian economy.
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