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Stakeholders seek smooth handling of non-compliant companies
The National Insurance Commission (NAICOM) has released the names of an additional seven insurance companies that have met the revised minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and applicable insurance laws and guidelines.
In a statement made available to Daily Sun by the Commission, the insurance companies are emPLE General Insurance Limited, a non-life insurer; emPLE Life Assurance Limited, a life insurer; and Sovereign Trust Insurance Plc, a non-life insurer.
Others are Tangerine Life Insurance Limited, a life insurer; Alliance & General Insurance Plc, a non-life insurer; Guinea Insurance Plc, a non-life insurer; and Regency Alliance Insurance Plc, a non-life insurer.
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’s recapitalisation exercise to a successful conclusion.
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Meanwhile, some stakeholders have advised the regulator to handle those companies that could not meet the requirements with utmost care and sound managerial judgement.
An insurance analyst who pleaded anonymity said that, whether through merger, acquisition or liquidation, the regulator should handle the entire process with wisdom.
This is coming as some insurers have already expressed dissatisfaction over the whole process, with some even calling the attention of the Federal Government to caution the Commissioner and guide him accordingly.
“It’s a good thing we have stronger insurance companies in Nigeria. Let’s see what happens next. Those who could not make it should seek alternative measures and opportunities to come up with something bigger and better. It’s not a crime that you didn’t meet up, it happened in the banking sector, it has always happened. So, so the Commission must be fair to everyone. We don’t want to lose investments nor people, our economy needs viable and feasible ideas and institutions to move forward, not fighting of any sort,” he admonished.
