NAICOM Certifies 43 Insurers Under New Capital Rules

The National Insurance Commission (NAICOM) announced the successful completion of the insurance sector recapitalisation exercise, confirming that 43 insurance and reinsurance companies have met the new minimum capital requirements set by the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This exercise, which lasted 12 months, was part of the financial sector reform agenda initiated by President Bola Ahmed Tinubu, who signed the NIIRA 2025 into law on July 31, 2025.

NAICOM stated that eight insurance companies are still undergoing final verification after submitting compliance evidence shortly before the deadline. The recapitalisation is viewed as a landmark achievement that enhances the financial capacity of insurance operators, attracts investments, and boosts investor confidence.

The higher capital base will enable insurers to meet policyholder obligations, absorb risks, and finance long-term investments. Additionally, it lays the groundwork for implementing a Risk-Based Capital Framework, aligning regulatory capital requirements with the risk profiles of individual operators.