On 5 August 2025, the Nigerian Insurance Industry Reform Act 2025 introduced new minimum capital requirements for insurance and reinsurance companies, with the National Insurance Commission issuing Guidelines to provide a framework for implementation. The Commission has now reiterated the 31 July 2026 compliance deadline, confirming that the timeline remains binding on all operators.
This newsletter highlights the key requirements under the Guidelines, including the applicable capital thresholds, the composition of admissible assets and liabilities, and the considerations for achieving compliance within the prescribed timeframe.
