A parliamentary support group and a civil society organisation have commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, over the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Speaking at a world press conference in Abuja, the Parliamentary Support Network said the legislation was moving beyond the enactment stage, with implementation now focused on recapitalisation, policyholder protection and enforcement of compulsory insurance requirements.
The groups said the reforms were beginning to reshape the insurance sector, while urging stakeholders to ensure that the new legal framework was applied transparently and consistently.
Groups cite Omosehin’s industry experience
In a statement signed by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren, the network recognised Omosehin’s role in implementing the reforms at NAICOM.
The group said his more than three decades of experience in underwriting, risk management, corporate restructuring and insurance administration were relevant to the regulatory challenges confronting the industry.
It noted that Omosehin previously served as Managing Director/Chief Executive Officer of Old Mutual Nigeria Life Assurance Company and Chairman of the Nigerian Insurers Association before his appointment as Commissioner for Insurance.
The network also commended President Bola Ahmed Tinubu and the National Assembly for the passage and enactment of NIIRA 2025.
NIIRA strengthens regulatory framework
According to the group, the new law consolidated Nigeria’s insurance legislation while introducing stronger provisions covering capital requirements, risk-based supervision, corporate governance, consumer protection and regulatory enforcement.
It also highlighted the Insurance Policyholders Protection Fund as one of the measures aimed at strengthening protection for policyholders.
The network said the legislation provided NAICOM with a broader framework for responding to emerging risks while strengthening safeguards for insurance consumers.
Recapitalisation cited as early reform milestone
The group pointed to NAICOM’s announcement in August 2026 that the 12-month insurance industry recapitalisation exercise had been completed, describing the development as an important step towards strengthening the financial resilience of insurance operators.
It also cited the commencement of the Insurance Policyholders Protection Fund and the inauguration of a joint committee between NAICOM and the Federal Road Safety Corps in October 2025 to support enforcement of compulsory third-party motor insurance.
The network said NAICOM’s engagements with public institutions and private-sector stakeholders on insurance products for the maritime, petroleum and agricultural sectors were further indications of the implementation of the new framework.
Recent reports confirm that the recapitalisation exercise was completed in 2026, while NAICOM has continued to describe the programme as part of efforts to strengthen insurers’ financial capacity, solvency and policyholder protection.
Groups call for due process in disputes
The Parliamentary Support Network acknowledged that the new capital requirements had created significant demands for operators and that disagreements over fees, compliance and regulatory interpretation could arise.
It, however, said such disputes should be addressed through evidence, due process and institutional accountability rather than media campaigns.
The statement also referred to the dispute involving NICON Insurance Plc and Nigeria Reinsurance Corporation over aspects of the recapitalisation exercise.
NICON and Nigeria Re have petitioned the Economic and Financial Crimes Commission (EFCC), alleging financial and procedural irregularities in the implementation of the recapitalisation requirements. The companies have disputed, among other issues, certain fees and requirements concerning the handling of recapitalisation funds.
NAICOM has rejected allegations of wrongdoing, saying the recapitalisation exercise was conducted under NIIRA 2025 and its regulatory guidelines. The commission also said the EFCC had requested information concerning allegations circulated in the media and that its response to the request should not be interpreted as evidence of an indictment or culpability.
The groups therefore called for any allegations to be examined by the appropriate institutions and resolved through established legal and regulatory processes.
Stakeholders urged to support reforms
The network urged insurance operators to comply with NIIRA 2025 and called on NAICOM to continue applying the law consistently and without discrimination.
It also asked that regulatory decisions be supported by clear documentation and properly communicated to affected stakeholders.
The group said policyholder protection should remain central to the reform process, adding that the industry should not return to practices the new legislation was designed to address.
It urged all stakeholders to support the implementation of the law while maintaining institutional accountability and respect for due process.
The network said sustained implementation of the reforms could strengthen the resilience of Nigeria’s insurance industry and improve its capacity to support the wider economy.
