President Bola Ahmed Tinubu has assented to the Nigerian Insurance Industry Reform Bill, 2025.
This is described as a landmark legislation to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, announced the bill signing by Tinubu via a statement on Tuesday, August 5, 2025.
Onanuga stated that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework, adding that the new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
Onanuga said the development reaffirms the Tinubu administration’s commitment to financial stability, economic development, and inclusive growth.
He stated: “The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It aligns with the Federal Government’s vision of achieving a $1 trillion economy.
2027: Aiyedatiwa unveils campaign platform for Tinubu in Ondo
“As part of the Renewed Hope Agenda for the Insurance Sector, the Act introduces critical measures such as stringent capital requirements to ensure the financial soundness of operators; enforcement of compulsory insurance policies to enhance consumer protection; and digitisation of the insurance market to improve access and efficiency;
Others include zero tolerance for delays in claims settlement; creation of dedicated policyholder protection funds, especially in cases of insolvency; and expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.
According to Onanuga, the National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country.
The reform introduced by the new law is expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa.
The United States is seeking to deepen commercial ties with Nigeria through the fashion industry,…
Real Madrid have announced plans to appoint retired tennis superstar Rafael Nadal to their board…
The Nigerian Army has rewarded a soldier, Private Utim Terwase, with N500,000 for rejecting an…
Dangote Industries Limited held discussions with stock exchanges across Africa on expanding participation in its…
Hospitals and healthcare providers that reject emergency patients could face up to six months’ imprisonment…
The Police Service Commission (PSC) has dismissed three senior police officers and demoted 16 others…
This website uses cookies.