A Parliamentary Support Network, a civil society organisation (CSO), said the transparent implementation of the Nigeria Insurance Industry Reform Act, 2025 (NIIRA), has revolutionarised the nation’s industry sector.
The group at a press conference in Abuja on Thursday, stated that the Act has led to recapitalisation of insurance companies, stronger policyholder protection and renewed enforcement of compulsory insurance.
The text of the press conference signed by Ambassador Muhammad Abdulrazaq and Comrade Adams Umoren, commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, for the implementation of the reforms.
“The Parliamentary Support Network therefore considers his industry experience relevant to the task before NAICOM at a time when the sector is undergoing significant regulatory and structural change,” the group added.
The Network stated that the completion of the 12-month recapitalisation exercise last August, was a major step toward a stronger and more resilient industry, noting that the commencement of the Insurance Policyholders Protection Fund and the October 2025 inauguration of a joint committee with the Federal Road Safety Corps to enforce compulsory third-party motor insurance, were some of the reforms witnessed in the insurance sector in the last one year.
The group further stated that NAICOM also engaged government institutions and private-sector stakeholders on products for the maritime, petroleum and agricultural sectors, developments it said, showed that the reform was taking practical effect.
“Since the commencement of NIIRA, there have been visible steps towards putting its provisions into effect.
“These developments indicate that NIIRA is moving from legislation to implementation.
“NIIRA provides a unified legal framework while giving the regulator greater capacity to respond to emerging risks.
“It also provides for stronger protection of policyholders, including the establishment of the Insurance Policyholders Protection Fund,” the group said.
It however expressed concern over the cases by NICON Insurance Plc and Nigeria Reinsurance Corporation, both under liquidation after failing to meet minimum capital requirements, as well as allegations of irregularities in the recapitalisation process.
The network admitted that new capital requirements place heavy demands on operators, but said no company exists without regulation.
“No company should be above regulation. At the same time, no regulator should be above scrutiny. The appropriate response to disagreement is evidence, due process and institutional accountability.
“We believe the allegations should be subjected to proper investigation and due process rather than trial by media.
“However, petitions to law-enforcement agencies must not become a mechanism for frustrating the implementation of a law duly enacted by the National Assembly and assented to by the President,” the group stated.
