Recapitalisation: Number Of Successful Insurers Hits 50 As NAICOM Unveils More Firms

Following its decision to further scrutinise the recapitalisation process of eight companies exempted from the initial list, the insurance industry regulator, National Insurance Commission (NAICOM), cleared additional seven that have successfully met the minimum capital requirements.

The successful underwriting firms, according to a notice from the regulator, are emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, and Tangerine Life Insurance Limited.

Others are Alliance and General Insurance Plc, Guinea Insurance Plc, and Regency Alliance Insurance Plc.

NAICOM, in the notice, said: “With this development, 48 insurance companies and two reinsurance companies have been confirmed and verified as compliant with the Minimum Capital Requirements stipulated under NIIRA 2025 and applicable insurance laws and guidelines issued by the Commission, thereby bringing the Nigerian insurance industry recapitalization exercise to a successful conclusion.”