By Rosemary Iwunze
The National Insurance Commission, NAICOM, yesterday, issued new licences to the seven additional insurance companies that have been confirmed and verified as compliant with the new minimum capital requirement under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025).
According to NAICOM, the development marks another significant milestone in strengthening confidence, enhancing financial stability, and promoting professionalism within Nigeria’s insurance industry.
The 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; Regency Alliance Insurance Plc.
Speaking on the development, Commissioner for Insurance, Mr. Segun Omosehin, urged the companies to ensure the prudent and effective utilization of their capital to support sustainable growth and strengthen policyholder protection. He further charged them to leave behind the unethical practices of the past and embrace the highest standards of corporate governance, transparency, and accountability.
He emphasised that all industry stakeholders must work collectively to build a stronger, more credible, and resilient insurance sector, one that consistently fulfill its obligations, delivers on its promises, and inspires greater trust and confidence among Nigerians.
He further announced that the commission’s next major regulatory initiative will be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels will be aligned with the risks inherent in their business portfolios.
A total of 50 insurance companies were declared compliant with the new capital requirements. The issuance of the certificates marks the commencement of a phased transition to higher capital standards aimed at enhancing the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.
