The National Insurance Commission (NAICOM), has commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
The National Insurance Commission (NAICOM), has commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
A statement issued by the Commission, described NIIRA 2025 as a game-changer for the industry.
“NIIRA 2025 is a game-changer for our industry, providing a modernized framework that will enhance insurance penetration, promote economic growth, protect policyholders’ interests and attract investments into the sector.
”We are confident that this new law will unlock the potential of the insurance sector, enabling it to contribute more meaningfully to Nigeria’s economic development and in achieving the one trillion dollar-economy,” the magement said.
NAICOM also commended the National Assembly for the passage of NIIRA 2025 particularly the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Sen. Mukhail Abiru, the sponsor of the Bill.
It also commended the Coordinating Minister of the Economy and the Minister of Finance Mr Wale Edun as well as the Minister of State for Finance Dr Doris Uzoka-Anite and all other stakeholders for their critical role in this monumental achievement.
The new legislation, the commission said, marks a significant milestone in the country’s efforts to reinvigorate the insurance industry, over two decades after the enactment of the Insurance Act 2003.
NAICOM said it is confident that the new law will serve as a catalyst for growth, innovation, and enhance market confidence in the insurance sector, unlocking its full potential and significantly driving economic development.
It said it believed that the new law would bring a promising opportunity to transform the industry and will have a high positive impact on the contribution of the insurance sector to the country’s GDP and economy as a whole.
The commission pledged to work to ensure the successful implementation of the NIIRA 2025, leveraging its provisions to drive growth, innovation, and excellence in the insurance industry.
NAN reports that reports that Tinubu on Tuesday assented to the Nigerian Insurance Industry Reform Bill, 2025.
The new act will provide for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
The Senate passed the bill in December 2024, and the House of Representatives passed it in March 2025.
The Insurance Industry Reform Act included a wide range of reforms, including a substantial increase in minimum capital requirements for insurance companies.
NAN reports that the new act introduces critical measures such as stringent capital requirements to ensure the financial soundness of operators, enforcement of compulsory insurance policies to enhance consumer protection, and digitisation of the insurance market.
Others are improve access and efficiency, zero tolerance for delays in claims settlement, creation of dedicated policyholder protection funds, especially in cases of insolvency and expanded participation in regional insurance schemes, including the ECOWAS Brown Card System. (NAN) (www.nannews.ng)