Abuja, Nigeria | September 10, 2025 The National Insurance Commission (NAICOM) has announced the enforcement of new minimum capital requirements for insurance and reinsurance companies, following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law in August by President Bola Tinubu.Under the revised framework, insurance operators have 12 months to
In a decisive move aimed at reinforcing trust and stability in Nigeria’s insurance industry, the National Insurance Commission (NAICOM) has officially granted operational licences to SanlamAllianz Life Insurance Limited and SanlamAllianz General Insurance Limited. This development marks a significant step toward deepening industry competitiveness and expanding coverage across the country’s insurance landscape. KIIN360 understands that
The National Insurance Commission (NAICOM) has restated its unwavering commitment to the enforcement of compulsory insurance coverage for public buildings and buildings under construction across Nigeria, in line with the provisions of the Insurance Act 2003 and other relevant regulations. This declaration was made during a recent stakeholders’ engagement, where the Commission emphasized the need
