The National Insurance Commission {NAICOM} has approved seven more insurance companies confirmed to have met the new minimum capital requirement and thus concluded the insurance industry recapitalization exercise.
With this development, forty-eight (48) insurance companies and two (2) reinsurance companies have been confirmed and verified as compliant with the Minimum Capital Requirements stipulated under NIIRA 2025 and applicable insurance laws and guidelines issued by the Commission, thereby bringing the Nigerian insurance industry recapitalization exercise to a successful conclusion.
The newly approved companies 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. Four of the companies operate in the non-life insurance business, while three are life insurers. The non-life companies are emPLE General, Sovereign Trust, Alliance & General, Guinea Insurance and Regency Alliance, while emPLE Life and Tangerine Life operate in the life insurance segment.d
.In a notice issued on Thursday, August 13, 2026, NAICOM stated that the seven companies had been verified and confirmed to have met the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, as well as other applicable laws and regulatory guidelines.
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