NAICOM licenses seven additional insurance companies after they meet new minimum capital requirements under its reform agenda.
TL;DR
The National Insurance Commission (NAICOM) has issued new licenses to seven additional insurance companies verified as compliant with the minimum capital requirement under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025).
The licensed operators are emPLE General Insurance, emPLE Life Assurance, Sovereign Trust Insurance, Tangerine Life Insurance, Alliance & General Insurance, Guinea Insurance, and Regency Alliance Insurance.
Intelligence
A total of 50 insurance companies have now been declared compliant with the capital requirements, initiating a phased transition to higher industry solvency standards.
Commissioner for Insurance Segun Omosehin announced that NAICOM's next major regulatory initiative will be implementing the Risk-Based Capital (RBC) framework to align capital levels with portfolio risks.
For corporate clients and policyholders, the transition to higher capital standards will likely mean increased solvency and improved claims-paying capacity.
Insurance executives must now prepare for the upcoming Risk-Based Capital framework, which will require them to align their capital structures directly with their risk exposures.
10 companies and people in this story have tracked profiles.
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