The National Insurance Commission (NAICOM) has said it will ensure full implementation of the Nigerian Insurance Industry Reform Act (NIIRA 2025) as well as protect the interests of the insured public from fraudulent activities of fake insurance institutions.
To this end, the commission said it is currently collaborating with the Nigerian Police Force as well as engaging members of the Association of Registered Insurance Agents (ARIAN) to ensure implementation of the Act.
Recently, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, met with the Inspector General of Police (IGP), Mr Olatunji Disu, to discuss strategies for deepening collaboration on the implementation of the NIIRA 2025 and its accompanying reforms.
Speaking during the meeting, the insurance commissioner Omosehin, pointed out that NIIRA 2025 was enacted to modernise Nigeria’s insurance landscape, promote transparency, and safeguard the interests of millions of Nigerians who rely on insurance for financial security.
He stressed that NAICOM could not achieve full compliance and market discipline without the active support of law enforcement agencies.
In his response, Mr Disu reaffirmed the commitment of the police to partner with NAICOM, promising to provide the necessary operational and legal backing to ensure that offenders were brought to justice and policyholders’ rights fully protected.
In a related development, NAICOM and ARIAN recently agreed to strengthen collaboration to enforce NIIRA 2025 and Protect Insurance Consumers.
NAICOM at the meeting reaffirmed its commitment to strengthening the enforcement of the NIIRA 2025 framework and protecting Nigerian insurance consumers from unauthorised and predatory practices, through strategic engagement with ARIAN.
Signed into law on August 5, 2025, the Nigeria Insurance Industry Reform Act (NIIRA) 2025 fundamentally overhauls the sector to strengthen financial stability, increase penetration, and align with international standards, replacing the 2003 Insurance Act.
Key reforms include higher risk-based capital requirements, mandatory digitisation, enhanced policyholder protection, and strict enforcement of compulsory insurance.