NAICOM Confirms 43 Insurers Meet Capital Requirements

The National Insurance Commission (NAICOM) announced that 43 insurance and reinsurance companies have complied with the new minimum capital requirements set forth by the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This confirmation was made in a public notice issued on Monday in Lagos.

The compliant firms include a mix of life, non-life, composite insurance companies, and reinsurance operators. The companies listed as compliant are 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, Mutual Benefits Assurance Plc, 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.

NAICOM urged the public and stakeholders to take note of these compliant operators following the expiration of the July 31 deadline for meeting the recapitalisation requirements.