The National Insurance Commission has confirmed that seven more insurance companies have met the minimum capital requirements set under the Nigerian Insurance Industry Reform Act 2025.

The latest verification brings the number of insurance and reinsurance companies that have met the recapitalisation requirements to 50, up from the 43 firms previously cleared by the Commission following the completion of the industry-wide exercise.

NAICOM disclosed this in a statement issued on Thursday in Abuja.

The Commission said seven of the eight insurance companies previously undergoing final verification and regulatory review have now been confirmed to have met the new minimum capital requirements.

The seven newly verified companies comprise two life insurers and five non-life insurers:

General Insurance Limited; Life Assurance Limited; Sovereign Trust Insurance Plc; Tangerine Life Insurance Limited; Alliance & General Insurance Plc; Guinea Insurance Plc; and Regency Alliance Insurance Plc.

The latest approvals come after NAICOM previously confirmed that 43 insurance and reinsurance companies had met the July 31, 2026 deadline for the industry-wide recapitalisation exercise.

NAICOM had earlier announced the completion of the insurance sector recapitalisation exercise under the NIIRA 2025, confirming that 43 insurance and reinsurance companies had met the new capital requirements.

The exercise followed a 12-month compliance period granted to industry operators after President Bola Tinubu signed the new insurance law into effect on July 31, 2025.