Abuja, Aug.5, 2025 – President Bola Tinubu has assented to the Nigerian Insurance Industry Reform Bill 2025 which repeals outdated insurance laws in the country.
The new law provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
It is also is to strengthen the financial sector and accelerate the nation’s march toward a $1 trillion economy.
The Act provides stringent capital requirements to ensure the financial soundness of operators, while enforcing compulsory insurance policies to enhance consumer protection;
It also enforces digitisation of the insurance market to improve access and efficiency and enforce zero tolerance in claims settlement.
The Act also provides for creation of dedicated policyholder protection funds, especially in cases of insolvency;
It will also expand Nigeria’s participation in regional insurance schemes, including the ECOWAS Brown Card System.
Under the new law, the National Insurance Commission (NAICOM) is to administer and implement the provisions of the Act to unlocks the industry’s full potential and significantly improves insurance penetration across the country.
Bayo Onanuga, a Presidential Spokesman, said the enactment of the law reaffirmed the commitment of this administration to financial stability, economic development, and inclusive growth.
“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, he said.”
