President Bola Ahmed Tinubu on Tuesday assented to the Nigerian Insurance Industry Reform Bill, 2025.
This was made known in a statement on Tuesday by a presidential spokesperson, Bayo Onanuga.
The NIIRA became a turning point for the country’s insurance sector.
The new act repeals and consolidates several outdated insurance laws of 2023.
According to Tinubu, the new act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
Importantly, Tinubu said the NIIRA is part of his efforts to achieve a $1 trillion economy.
The president thereby directed the National Insurance Commission (NAICOM) to administer and enforce the provisions of the NIIRA 2025 to unlock the industry’s full potential nationwide.
DAILY POST in this report singles out six critical things to know about the NIIRA according to Tinubu’s administration:
Stringent capital requirements to ensure the financial soundness of operators would boost the resilience and reliability of Nigeria’s insurance sector.
Enforcement of compulsory insurance policies to enhance consumer protection;
Digitisation of the insurance market to improve access and efficiency;
The new law portends zero tolerance for delays in claims settlement.
Also, the creation of dedicated policyholder protection funds, especially in cases of insolvency, would benefit Nigerians and
Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.
