Students won’t be used to undermine insurance sector reforms says NANS

The National Association of Nigerian Students (NANS) has stated that students will not be used to undermine reforms in the insurance industry. In a statement signed by NANS President Akinteye Babatunde, the students' body declared support for the sector's recapitalisation and the National Insurance Commission (NAICOM). NANS rejected discrediting campaigns and calls for the removal of NAICOM's leadership, asserting that students are not instruments for advancing narrow interests against national development.

The association reviewed publicly available information on NAICOM's operations, reforms, and achievements and found no credible basis for allegations against the regulator. NANS emphasized that the ongoing recapitalisation of the insurance industry is crucial for strengthening insurers, improving their capacity, and enhancing consumer confidence.

The recapitalisation followed the enactment of the Nigerian Insurance Industry Reform Act 2025, which replaced the previous legal framework governing the industry. NANS endorsed the implementation of the new law, praising NAICOM's leadership and highlighting the importance of prompt claims settlement and zero-tolerance for genuine claim non-payment.

The association also commended NAICOM's interventions in tertiary institutions, such as the Insurance Education Fund, and urged the government, stakeholders, and the media to support reforms aimed at strengthening regulation, consumer protection, and transparency.