***say insurance sector witnessing positive revolution
A parliamentary group and civil society organisation on Thursday applauded the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, for what it described as the transparent implementation of the Nigerian Insurance Industry Reform Act, 2025, saying the insurance sector is witnessing a positive revolution under the new law.
Speaking at a world press conference in Abuja, the Parliamentary Support Network said NIIRA 2025, signed by President Bola Ahmed Tinubu, had moved from legislation to implementation through recapitalisation, stronger policyholder protection and renewed enforcement of compulsory insurance.
In a statement signed by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren, the group said: “We also recognise the role being played by the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr Olusegun Ayo Omosehin, in 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,” it added.
The group said Mr Omosehin brings more than three decades of experience spanning underwriting, risk management, corporate restructuring and insurance administration, including service as Managing Director and Chief Executive Officer of Old Mutual Nigeria Life Assurance Company Limited and as Chairman of the Nigerian Insurers Association before his appointment in 2024.
It commended President Tinubu and the National Assembly for enacting the Act, which repealed and consolidated earlier insurance laws and introduced stronger provisions on capital, risk-based supervision, corporate governance, consumer protection and regulatory enforcement.
“We commend President Bola Ahmed Tinubu and the National Assembly for their roles in the passage and enactment of NIIRA 2025,” the network said.
“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 statement continued.
On early gains, the network cited NAICOM’s August 2026 announcement that a twelve-month recapitalisation exercise had been completed, describing it as a major step toward a stronger and more resilient industry.
It also noted 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.
The group said the Commission had further 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,” the network said.
“NAICOM announced in August 2026 that the twelve-month exercise had been successfully completed, describing it as a major step towards building a stronger, more resilient and adequately capitalised insurance industry.
“These developments indicate that NIIRA is moving from legislation to implementation,” it added.
The network acknowledged that new capital requirements place heavy demands on operators and that disagreements over fees, compliance and interpretation are inevitable, but insisted that no company should be above regulation and no regulator above scrutiny.
It said disputes should be settled through evidence, due process and institutional accountability rather than media campaigns.
It expressed concern over the cases of NICON Insurance Plc and Nigeria Reinsurance Corporation, both under liquidation after failing to meet minimum capital requirements, and over their petition to the Economic and Financial Crimes Commission alleging irregularities in the recapitalisation process.
NAICOM has rejected the claims and said supplying information requested by the EFCC does not amount to indictment.
“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 group said.
“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,” it stated.
In its recommendations, the network urged all operators to comply with NIIRA 2025, called on NAICOM to continue applying the law transparently and without discrimination, and asked the EFCC to examine any properly lodged allegations independently.
It said policyholder protection must remain central and that the industry cannot return to the practices the Act was enacted to end.
The group urged stakeholders to support the lawful implementation of the reform under the leadership of the Commissioner.
“NAICOM should continue to apply the law transparently, consistently and without discrimination. Regulatory decisions should be supported by clear documentation and communicated appropriately to affected stakeholders,” the network said.
“We urge all stakeholders, including the leadership of NAICOM under Commissioner for Insurance Mr Olusegun Ayo Omosehin, to remain focused on the implementation of the law, protection of policyholders and strengthening of the Nigerian insurance industry.
“With institutional discipline and respect for the law, the Nigerian insurance industry can emerge stronger, more resilient and better positioned to serve the Nigerian economy,” it concluded.
