Stakeholders in Nigeria’s insurance sector have described the conclusion of the 12-month recapitalisation exercise as a significant measure towards building a stronger and greater difficult-wearing sector.
At the same time, no regulator should be above scrutiny.
“No business should be above law. The correct explanation to disagreement is evidence, due process and institutional accountability.
Nonetheless, the stakeholders acknowledged that the fresh investment requirements place heavy demands on operators and that disagreements over fees, compliance and interpretation are inevitable.
It moreover provides for stronger protection of policyholders, including the establishment of the Insurance Policyholders Protection Support,” the declaration said.
“NIIRA provides a coordinated legal framework whereas giving the regulator greater capacity to respond to emerging risks.
The stakeholders added that the Domestic Insurance Commission’s (NAICOM) August 2026 release that the 12-month recapitalisation exercise had been completed was a significant measure towards building a stronger and additional reliable business area.
They additionally called on NAICOM to go on applying the law transparently and excluding discrimination, and asked the EFCC to independently inspect any properly lodged allegations.
“These developments indicate that NIIRA is moving from legislation to implementation,” they added.
NAICOM had rejected the claims and said supplying statistics requested by the EFCC did not volume to an indictment.
The stakeholders, under the aegis of the Parliamentary Support Network (PSN), too backed the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, over the implementation of the Nigerian Insurance Sector Reform Act (NIIRA) 2025, saying the insurance sector is witnessing a beneficial revolution under the fresh law.
They furthermore highlighted the commencement of the Insurance Policyholders Protection Support and the October 2025 inauguration of a joint committee together with the Federal Road Safety Corps to enforce compulsory third-party motor insurance.
They furthermore expressed subject over the cases of NICON Insurance Plc and Nigeria Reinsurance Corporation, both under liquidation subsequent to failing to encounter minimum finance requirements, and over their petition to the Economic and Financial Crimes Commission (EFCC), alleging irregularities in the recapitalisation administer.
Nonetheless, petitions to law-enforcement agencies must not become a mechanism for frustrating the implementation of a law duly enacted by the Nationwide Assembly and assented to by the President.”
“We consider the allegations should be subjected to appropriate analysis and due analyze rather than trial by media.
Muhammad Abdulrazaq and Comr.
In a maintain signed by Amb. Adams Umoren, the stakeholders said NIIRA 2025, signed by President Bola Tinubu, had moved from legislation to implementation using recapitalisation, stronger policyholder protection and renewed enforcement of compulsory insurance.
NAICOM announced in August 2026 that the 12-month exercise had been successfully completed, a primary phase towards building a stronger, additional resilient and adequately capitalised insurance field.
“Given that the commencement of NIIRA, there have been observable steps towards putting its provisions into influence.
They noted that NIIRA 2025 repealed and consolidated earlier insurance laws and introduced stronger provisions on cash, uncertainty-based supervision, corporate governance, consumer protection and regulatory enforcement.
Speaking on the development, the stakeholders said:
The stakeholders, in the same vein, urged all insurance sector operators to comply alongside NIIRA 2025.
Insisting that no organization should be above requirement and no regulator above scrutiny, they said disputes should be settled throughout evidence, due procedure and institutional accountability.
According to them, policyholder protection must continue key, stressing that the business area cannot result to the practices the Act was enacted to terminate.
Insurance stakeholders support NAICOM over NIIRA 2025 implementation
Source: Insurance stakeholders back NAICOM over NIIRA 2025 implementation
