Insurance Commissioner Hailed Over NIIRA 2025 Implementation
- The Parliamentary Support Network and a civil society organisation applauded NAICOM Commissioner Olusegun Omosehin at a press conference in Abuja on Thursday
- The groups said the Nigerian insurance sector is undergoing a positive revolution since President Tinubu signed NIIRA 2025 into law
- The network acknowledged disputes over the recapitalisation process involving NICON Insurance and Nigeria Reinsurance Corporation but took a firm stance on due process
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A parliamentary group and a civil society organisation on Thursday, October 1, praised the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, for his handling of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, saying the sector is witnessing meaningful change under the new law.
The Parliamentary Support Network made the comments at a world press conference held in Abuja, where it described NIIRA 2025 as having moved decisively from legislation into practice through recapitalisation, stronger policyholder protection, and renewed enforcement of compulsory insurance products.
Source: Twitter
Omosehin's leadership commended
In a statement signed by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren, the network said Omosehin's background makes him well suited to lead the National Insurance Commission (NAICOM) through the current period of reform.
The statement noted that he brings over three decades of experience in underwriting, risk management and corporate restructuring, and previously served as Managing Director and Chief Executive of Old Mutual Nigeria Life Assurance Company Limited, as well as Chairman of the Nigerian Insurers Association before his appointment in 2024.
The group also commended President Bola Ahmed Tinubu and the National Assembly for enacting the law, which repealed earlier insurance legislation and introduced provisions covering capital adequacy, risk-based supervision, corporate governance, consumer protection and regulatory enforcement.
"NIIRA provides a unified legal framework while giving the regulator greater capacity to respond to emerging risks," the network said.
Among the early gains it cited was NAICOM's August 2026 announcement that a twelve-month recapitalisation exercise had been completed successfully. The group also pointed to the launch 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.
NICON, Nigeria re cases raise concerns
The network acknowledged that new capital requirements place significant demands on operators and that disagreements over fees, compliance and interpretation are to be expected.
However, it expressed concern over petitions filed by NICON Insurance Plc and Nigeria Reinsurance Corporation, both currently under liquidation after failing to meet minimum capital thresholds, to the Economic and Financial Crimes Commission over alleged irregularities in the recapitalisation process.
NAICOM has rejected the allegations and clarified that cooperating with the EFCC does not amount to an indictment of the commission.
"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," the network said.
He added that petitions to law enforcement must not become tools for stalling a law duly passed by the National Assembly.
In its recommendations, the group urged all operators to comply fully with NIIRA 2025, called on NAICOM to apply the law consistently and without discrimination, and asked the EFCC to examine any properly lodged complaints independently. It said policyholder protection must remain at the centre of the reform process.
Insurance company shuts down office
Earlier, Legit.ng reported that the NAICOM revoked the operating licence of Nigeria Reinsurance Corporation, citing the company's failure to meet the minimum capital threshold required for reinsurers operating in the country.
The commission invoked its powers under the Nigerian Insurance Industry Reform Act 2025 after the company did not meet the statutory recapitalisation deadline set by the regulator.
Source: Legit.ng
