Ebere Nwoji
There are indications that the National Insurance Commission(NAICOM), has completed the verification of five out of the eight insurance companies which the commission last week after the release of list of 43 insurance companies that scaled through the recapitalisation hurdle, said were still undergoing their verification exercise.
NAICOM, after releasing the list of the 43 successful companies said because the eight companies had already paid in their recapitalisation money and submitted their documents for verification before the expiration date of July 31, 2021, it would confirm their recapitalisation status in a fortnight, effect from the day it released the list of the successful companies after due verification of their documents.
This is as the Nigerian Insurers Association (NIA) has commended NAICOM for the transparent and structured implementation of the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a statement, the Chairman of the NIA, Mrs. Ebelechukwu Nwachukwu, commended NAICOM’s structured approach, highlighting that clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.
Nwachukwu noted that the exercise underscored NAICOM’s commitment to regulatory fairness and orderly market development, marking a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector.
Meanwhile, THISDAY checks showed that out of the eight companies, so far the successful five are Sovereign Trust Insurance plc, Regency Alliance plc, Tangerine Life Insurance Nigeria Limited, emPLE Life Assurance Limited and EmPLE General Insurance Limited.
These according to sources close to NAICOM have successfully scaled through the verification process and will soon be listed by the commission among the successfully recapitalised insurance operators bringing to total 48 fully recapitalised insurance and reinsurance firms instead of the initial 60 firms.
Findings by THISDAY revealed that Guinea Insurance Plc, one of the eight companies undergoing verification, had earlier announced that it surpassed the N15 billion minimum capital requirement for non-life insurance companies through a successful hybrid capital-raising exercise. The company is therefore expected to join the league of recapitalised insurers once its verification is concluded and formally cleared by NAICOM.
But Nigerian Agricultural Insurance Corporation (NAIC), the only insurance company specialised pioneered agric insurance underwriting in Nigeria was not included in the initial list of 43 recapitalised companies.
Also, African Alliance Insurance Plc, which was also not included in the initial list, is undergoing verification. In June 2026, NAICOM had transferred operational control of the company to a newly constituted board nominated by its shareholders following the conclusion of a regulatory intervention that commenced in October 2024.
Similarly, A&G Insurance Company Limited which was not among the initial 43 companies, had notified NAICOM before the deadline that it complied with the recapitalisation requirements.
In another major development, NAICOM has appointed liquidators for non-compliant companies. It withdrew the operating licence of Nigeria Reinsurance Corporation after the company failed to meet the statutory minimum capital requirement, paving the way for the commencement of its liquidation, but recently its owners instituted litigation against the regulator insisting that the companies recapitalised their operations.
Speaking further, the NIA assured the apex regulator of the association’s unwavering support in leveraging the gains of the recapitalisation process to drive sustainable industry growth, enforce high market conduct standards, elevate consumer trust, and expand the sector’s contribution to the national economy.