NAICOM Clears 43 Insurers and Reinsurers Under New Capital Rules
The National Insurance Commission says 43 insurance and reinsurance companies have met the minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025, following the July 31 recapitalisation deadline. The verified operators include life, non-life, composite insurers and reinsurers such as Leadway Assurance, AIICO Insurance, AXA Mansard, NEM Insurance, Custodian, Coronation, Heirs, Sanlam-Allianz and Continental Reinsurance. NAICOM said eight other insurers that submitted compliance evidence shortly before the deadline are undergoing final verification, which is expected to be completed within 14 days. The regulator said the exercise should strengthen insurers, improve claims-paying capacity and enable the sector to support larger risks and long-term investments.
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