The National Insurance Commission (NAICOM) has entered into a strategic partnership with the Nigeria Police Force to strengthen enforcement of the Nigerian Insurance Industry Reform Act 2025 (NIIRA) and accelerate reforms aimed at improving efficiency, compliance, and public trust in the sector.
This development follows a high-level meeting held in Abuja between NAICOM’s executive management team, led by Commissioner for Insurance Olusegun Ayo Omosehin, and the Inspector-General of Police, Olatunji Disu.
Strengthening Compliance and Public Trust
Discussions at the meeting focused on enhancing collaboration to ensure strict compliance with compulsory insurance policies and to improve protection for policyholders across the country. Both institutions emphasized that closer cooperation is essential to curbing illegal insurance operations, addressing fraud, and restoring confidence in the industry.
NAICOM highlighted that the Nigerian Insurance Industry Reform Act 2025 was introduced to modernize the insurance landscape, improve transparency, and safeguard the financial interests of millions of Nigerians.
The Commission noted that achieving full compliance and maintaining market discipline would require sustained support from law enforcement agencies.
Police Pledge Enforcement Support
In response, the Inspector-General of Police reaffirmed the commitment of the Nigeria Police Force to support NAICOM’s regulatory mandate. He stressed that the police would take decisive action against fraudulent practices, unauthorized insurance operators, and violations of insurance laws.
He further assured that the Force would provide both operational and legal backing to ensure offenders are prosecuted and that policyholders’ rights are protected.
A Step Toward Industry Reform
The partnership represents a significant move toward strengthening regulatory enforcement and rebuilding trust in Nigeria’s insurance sector. By combining regulatory oversight with law enforcement capacity, both institutions aim to create a more transparent, accountable, and reliable insurance system for citizens.
