The National Insurance Commission (NAICOM) has reaffirmed its commitment to implementing coordinated enforcement measures aimed at addressing persistent market abuses within Nigeria’s insurance sector.
These abuses include unlawful rate-cutting, misrepresentation, and the sale of insurance products by unlicensed entities—practices the Commission says undermine consumer confidence and threaten the stability of the industry.
The Commissioner for Insurance, Olusegun Ayo Omosehin, made this known during a courtesy visit by the leadership of the Association of Registered Insurance Agents of Nigeria (ARIAN), led by its President, Olatubosun Mayowa, at the Commission’s headquarters.
Omosehin stated that NAICOM will strengthen enforcement under the Nigerian Insurance Industry Reform Act (NIIRA 2025), with a focus on protecting consumers from unauthorized and predatory practices.
He emphasized that safeguarding policyholders and maintaining market integrity remain central to the Commission’s mandate, adding that decisive regulatory action will be taken against violators.
The Commissioner also highlighted the need to strengthen insurance distribution channels through proper licensing and strict compliance. Both NAICOM and ARIAN agreed to collaborate on capacity-building initiatives for insurance agents, as well as improvements to digital onboarding processes.
As part of efforts to enhance public awareness, NAICOM will spearhead joint media and consumer education campaigns. These initiatives will help Nigerians identify genuine insurance products, verify licensed operators, and report suspected fraud or mis-selling through official channels.
The Commission reiterated its broader policy objective of promoting transparent and efficient distribution networks to encourage legitimate market participation and deepen insurance penetration across the country.
Omosehin further warned that unlicensed entities must not present themselves as legitimate providers of regulated insurance products, noting that NAICOM will deploy its full regulatory and legal authority to address infractions.
He advised the public to remain vigilant by verifying the licensing status of insurers, carefully reviewing policy documents, and promptly reporting suspicious activities such as forged documents, unauthorized sales, or unusually low premiums.
In his remarks, ARIAN President, Olatubosun Mayowa, expressed the association’s commitment to supporting NAICOM’s regulatory initiatives. He noted that ARIAN’s nationwide presence positions it to provide valuable market intelligence, strengthen consumer protection, and assist in identifying and eliminating unethical operators.
Mayowa also pledged to intensify training programmes to increase the number of licensed insurance agents and support members navigating NAICOM’s digital platforms.
Both organisations agreed to maintain continuous engagement and periodic reviews to ensure effective implementation of their joint initiatives.
