The National Insurance Commission (NAICOM) has officially announced that 41 insurance companies and two reinsurance firms successfully met the recapitalisation deadline on July 31, 2026.
The commission published the full list of compliant operators in a public notice dated July 31, 2026, marking the end of a 12-month transition window.
This regulatory exercise began in August 2025 following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law by President Bola Ahmed Tinubu on July 31, 2025.
Verification of Late Submissions
While 43 companies have been fully cleared, NAICOM disclosed that eight other insurance companies submitted their evidence of compliance shortly before the statutory deadline.
These eight firms are currently undergoing final verification and regulatory review, which the commission expects to conclude within 14 days.
According to NAICOM, the recapitalisation process involved a comprehensive review, verification, and validation process to ensure transparency and regulatory integrity.
Impact on the Insurance Sector
The regulator noted that the exercise has enhanced the financial resilience of operators, attracted domestic and foreign investment, and restored investor confidence.
The higher capital base is expected to improve the capacity of insurers to underwrite larger, more complex risks and settle policyholder claims promptly.
Mrs. Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurers Association (NIA), previously disclosed that more than 70% of insurance companies had completed their independent verification ahead of the deadline.
NAICOM stated that its focus will now shift to post-recapitalisation supervision, including the implementation of the Risk-Based Capital Framework.
Full List of Compliant Operators
The 41 cleared insurance companies include Zenith General Insurance, Leadway Assurance, Custodian Life Assurance, Custodian and Allied Insurance, NEM Insurance, AIICO Insurance, CHI Life Assurance, Heirs General Insurance, Fin Insurance, Cornerstone Insurance, Mutual Benefits Assurance, Heirs Life Assurance, Tangerine General Insurance, Capital Express Indemnity, Sanlam-Allianz General, Prudential Zenith Life, Consolidated Hallmark, Stanbic IBTC Insurance, Sanlam-Allianz Life, Sterling Assurance, AXA Mansard, Unitrust Insurance, Capital Express Life, Mutual Benefits Life, NSIA Insurance, Rex Insurance, LASACO Assurance, Linkage Assurance, Anchor Insurance, Enterprise Life, Sunu Assurances, KBL Insurance, International Energy Insurance, Veritas Kapital Assurance, NPF Insurance, Fortis Global Insurance, Coronation Life, Prestige Assurance, and Great Nigeria Insurance.
The two cleared reinsurance firms are Continental Reinsurance Plc and FBS Reinsurance Limited.
