The Chartered Insurance Institute of Nigeria (CIIN) has hailed the recently signed National Insurance Industry Reform Act 2025 (NIIRA 2025), describing it as a milestone that will ensure fairness for both policyholders and operators while boosting the sector’s capacity.
Speaking to the News Agency of Nigeria (NAN) on Sunday, CIIN National President, Mrs. Yetunde Ilori, said the Act—signed into law last Tuesday by President Bola Tinubu—was designed to strengthen the industry, enhance capital generation, and enable insurers to meet obligations more efficiently.
Ilori dismissed claims that the legislation favours policyholders at the expense of operators, emphasising that it was built on a balanced framework.
“Replacing a law after 22 years is significant progress. The entire industry contributed to its content, reflecting close collaboration between the Senate and the House of Representatives,” she said. “We appreciate President Tinubu for assenting to it. This is not about favouring one group—it’s about equity. It will consolidate and strengthen existing companies, ensuring capital is generated and used effectively.”
Acknowledging that no legislation is flawless, Ilori noted that any shortcomings discovered during implementation could be addressed through targeted amendments.
She stressed that NIIRA 2025 was the product of collective input from stakeholders across the insurance value chain and urged the National Insurance Commission (NAICOM) to begin swift enforcement. She also advised operators who are yet to meet the new requirements to use the available window to comply.
