The National Insurance Commission has commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Act 2025.

A statement by NAICOM 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,” it said.

NAICOM also commended the National Assembly for passing NIIRA 2025, particularly the chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Mukhail Abiru, the sponsor of the bill.

It also commended the finance minister, Wale Edun, and his deputy, Doris Uzoka-Anite, and all other stakeholders for their critical role in this monumental achievement.

The new legislation, the commission stated, marks a significant milestone in the country’s efforts to revitalise the insurance industry, nearly two decades after the enactment of the Insurance Act 2003.

NAICOM stated that it is confident 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 stated that it believed the new law would present a promising opportunity to transform the industry and have a highly positive impact on the insurance sector’s contribution 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.

Mr 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.

The new act introduces critical measures, such as stringent capital requirements to ensure the financial soundness of operators, the enforcement of compulsory insurance policies to enhance consumer protection, and the digitisation of the insurance market.

Others aim to improve access and efficiency, implement zero tolerance for delays in claims settlement, create dedicated policyholder protection funds, especially in cases of insolvency, and expand participation in regional insurance schemes, including the ECOWAS Brown Card System.  

(NAN)