Insurance stakeholders back NAICOM over NIIRA 2025 implementation
Stakeholders in Nigeria’s insurance sector have described the conclusion of the 12-month recapitalisation exercise as a major step towards building a stronger and more resilient industry. The stakeholders, under the aegis of the Parliamentary Support Network (PSN), also backed the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, over the implementation of the Nigerian Insurance Industry […]…
Nigeria's insurance stakeholders have lauded the National Insurance Commission (NAICOM) for completing the 12-month recapitalisation exercise, marking a significant step towards strengthening the industry. The stakeholders, led by the Parliamentary Support Network (PSN), also endorsed Commissioner Olusegun Ayo Omosehin's handling of the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to a statement, NIIRA 2025, signed by President Bola Tinubu, is transforming the industry through better policyholder protection, stronger capital provisions, and stricter regulatory enforcement. The stakeholders acknowledge the new capital requirements pose challenges, but emphasize that no company or regulator should be above scrutiny.
They maintain that disputes should be resolved through evidence, due process, and institutional accountability. The stakeholders also criticized NICON Insurance Plc and Nigeria Reinsurance Corporation for failing to meet minimum capital requirements and for petitioning the EFCC over irregularities in the recapitalisation process.
Despite these concerns, they urged all insurance sector operators to comply with NIIRA 2025 and called for NAICOM to enforce the law transparently and without discrimination, with the EFCC independently examining any valid allegations.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
