Abuja: The National Insurance Commission (NAICOM) has announced that 43 insurance and reinsurance companies have successfully met the new minimum capital requirements outlined in the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This confirmation was made public by the commission in a notice released on Monday.
According to News Agency of Nigeria, these verified companies include a mix of life, non-life, composite insurance firms, and reinsurance operators that have adhered to the statutory capital requirements. The list of compliant firms features prominent names such as Zenith General Insurance Company Ltd., Leadway Assurance Company Ltd., Custodian Life Assurance Ltd., and NEM Insurance Plc, among others. With these firms meeting the requirements, NAICOM aims to enhance the financial robustness of the insurance sector.
The commission emphasized that the listed companies have been thoroughly verified as compliant with the NIIRA 2025 minimum capital standards. It urged stakeholders and the public to note the compliant operators, as this announcement comes after the July 31 deadline for meeting the new capital requirements.
NAICOM revealed that eight insurance companies, which submitted compliance evidence just before the July 31 deadline, are currently undergoing final verification and regulatory review. This process is expected to conclude within 14 days.
Furthermore, the commission highlighted that the recapitalization efforts have bolstered the financial strength of operators, attracted both domestic and foreign investments, and increased investor confidence within the insurance sector. This development has enabled insurers to underwrite larger, more complex risks, fulfill policyholder obligations promptly, and support infrastructure financing and other long-term investments.
The commission also noted that the higher capital base would further enhance risk-based supervision by aligning regulatory capital with the nature, scale, and complexity of risks undertaken by licensed operators. NAICOM expressed gratitude to the Federal Government, regulatory agencies, and various stakeholders for their support throughout the recapitalization exercise.
In conclusion, the commission described the completion of the recapitalization program as a pivotal step towards building a more resilient and globally competitive insurance industry, poised to deliver greater value to policyholders and the Nigerian economy.