The National Insurance Commission (NAICOM) has confirmed that seven more insurance companies are fully compliant with the Minimum Capital Requirements (MCR) stipulated under the Insurance Industry Reform Act (NIIRA) 2025.
In a statement on 13 August, NAICOM said, “With this development, 48 insurance companies and two reinsurance companies have been confirmed and verified as compliant with the Minimum Capital Requirements.” The regulator describes the industry’s recapitalisation exercise as having reached a successful conclusion.
Of the seven companies, four are non-life insurers, while three are life insurance companies.
On 2 August, NAICOM announced that 41 insurers and two reinsurers had cleared the minimum capital rules. After taking into account the 50 compliant (re)insurers, there are a handful of insurers that failed to meet the MCR and have been delisted from the list of insurance companies posted on NAICOM’s website.