NAICOM Issues New Licenses to Seven Insurance Companies Meeting Capital Reforms

Nigeria's National Insurance Commission (NAICOM) has issued new operating licenses to seven additional insurance companies that have successfully met the revised minimum capital requirements. This development is a key part of the Nigerian Insurance Industry Reform Agenda (NIIRA 2025) and signifies a major step toward bolstering confidence, enhancing financial stability, and promoting professionalism within the sector.

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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.

The seven companies receiving their licenses are emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc, and Regency Alliance Insurance Plc. NAICOM Commissioner for Insurance, Mr. Segun Omosehin, urged these companies to utilize their capital prudently for sustainable growth and robust policyholder protection.

Omosehin also called on the companies to abandon past unethical practices and adopt the highest standards of corporate governance, transparency, and accountability. He stressed the importance of collective effort from all industry stakeholders to build a stronger, more credible, and resilient insurance sector capable of consistently fulfilling its obligations and inspiring greater trust among Nigerians.

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He further charged them to leave behind the unethical practices of the past and embrace the highest standards of corporate governance, transparency, and accountability.

Looking ahead, NAICOM plans to implement a Risk-Based Capital (RBC) framework, which will align insurers' capital levels with the inherent risks in their business portfolios. A total of 50 insurance companies have been declared compliant with the new capital requirements, and the issuance of these certificates marks the beginning of a phased transition to higher capital standards designed to improve the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.

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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.