NAICOM revokes Universal Insurance licence over failure to meet recapitalisation requirement
The National Insurance Commission (NAICOM) has revoked the operating licence of Universal Insurance Plc and appointed a receiver/provisional liquidator to take control of the company following its failure to meet the new minimum capital requirement for non-life insurers. The post NAICOM revokes Universal Insurance licence over failure to meet recapitalisation requirement appeared first on…
On August 14, 2026, the National Insurance Commission (NAICOM) revoked Universal Insurance Plc's operating licence, appointing a receiver/provisional liquidator to oversee the company's affairs. This action came after the insurer failed to meet the minimum capital requirement for non-life insurers set by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The licence cancellation was effective immediately and was confirmed by NAICOM on August 13, 2026. The receiver, Ogbonna Chukwumerije, has been tasked with tracing, securing, and settling the company's assets, as well as liaising with NAICOM and submitting periodic updates on the receivership and liquidation process. Universal Insurance, however, has yet to appeal the decision, leaving its future uncertain until the outcome of the appeal and regulatory processes is determined.
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