NAICOM Issues Fresh Licenses to 43 Recapitalised Insurance Companies

By Adedapo Adesanya

The National Insurance Commission (NAICOM) on Tuesday presented new licence certificates to insurance companies that successfully met the commission’s new minimum capital requirements.

In his opening remarks, the NAICOM chief executive and Commissioner for Insurance (CFI), Mr Olusegun Omosehin, congratulated the successful companies and stated that the issuance of the new licences marks a significant milestone in the recapitalisation programme.

He noted that the development signals the beginning of a new regulatory era focused on stronger capitalisation, improved corporate governance, enhanced product innovation, and the commission’s broader drive to build a stronger, more resilient, and globally competitive insurance industry in Nigeria.

The commissioner urged the companies to leverage their enhanced capital base to drive innovation, develop new products, and deepen insurance penetration across the country.

He emphasised that the commission has high expectations for professionalism, innovation, operational efficiency, and improved returns on investment, noting that the successful completion of the recapitalisation programme positions the industry for the next phase of regulatory reform.

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.

The commission reaffirmed its commitment to removing regulatory impediments where appropriate while maintaining robust oversight and enforcing standards that protect policyholders and strengthen market confidence.

A total of 43 insurance companies that were declared compliant with the new capital requirements are expected to receive their new licences from the commission.

The confirmed non-life insurers include Zenith General Insurance Company Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, Heirs General Insurance Limited, Fin Insurance Company Limited, Tangerine General Insurance Ltd, Capital Express Indemnity Insurance Limited, and Sanlam-Allianz General Insurance Nigeria Ltd.

Others include Consolidated Hallmark Insurance Limited, Sterling Assurance Nigeria Limited, Unitrust Insurance Co. Limited, NSIA Insurance Limited, Rex Insurance Limited, Linkage Assurance Plc, Anchor Insurance Company Ltd, Sunu Assurances Nigeria Plc, KBL Insurance Ltd, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd, Coronation Insurance Plc, and Prestige Assurance Plc.

In the life insurance segment, the successful companies are Custodian Life Assurance Limited, CHI Life Assurance Limited, Heirs Life Assurance Limited, Prudential Zenith Life Insurance Ltd, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Ltd, Enterprise Life Assurance Company (Nigeria) Ltd, and Coronation Life Assurance Limited.

The composite insurers, operating across both life and non-life insurance that satisfied the requirements comprise Leadway Assurance Company Limited, AIICO Insurance Plc, Cornerstone Insurance Plc, AXA Mansard Insurance Plc, LASACO Assurance Plc, Fortis Global Insurance Plc, Industrial and General Insurance Plc, and Great Nigeria Insurance Plc. Additionally, Mutual Benefits Assurance Plc also met the non-life threshold. In the reinsurance category, Continental Reinsurance Plc and FBS Reinsurance Limited were confirmed compliant.

The regulator noted that an additional eight insurance operators, which submitted evidence of compliance shortly before the statutory deadline, are currently undergoing final verification and regulatory review, with outcomes expected soon.

The issuance of the certificates marks the commencement of a phased transition to higher capital standards to enhance the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.