NAICOM, UNDP Partner to Expand Climate Risk Insurance
By Oluwakemi Kindness The National Insurance Commission () and the United Nations Development Programme (UNDP) have deepened collaboration aimed at expanding climate risk insurance, strengthening disaster resilience, and improving insurance penetration in Nigeria. This followed a courtesy visit by a UNDP delegation to NAICOM headquarters in Abuja, where both parties reviewed strategic areas of cooperation, […]
NAICOM: NIRA 2025 Establishes Policyholders’ Protection Fund to Safeguard Consumers
By Oluwakemi Kindness The National Insurance Commission (NAICOM) says the Nigerian Insurance Industry Reform Act (NIRA) 2025 provides for the establishment of an Insurance Policyholders’ Protection Fund to protect policyholders when insurance companies are unable to meet their liabilities. The Head of Market Conduct and Complaints Bureau at NAICOM, Olugbenga Jayesimi, disclosed this while speaking […]
FG Backs NIIRA 2025 Implementation, Sets July 2026 Recapitalization Deadline
By Oluwakemi Kindness The Federal Government has reaffirmed its commitment to the full implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, as part of sweeping reforms to reposition Nigeria’s insurance sector for growth, innovation, and global competitiveness. Declaring open the 2025 Insurance Directors’ Conference in Lagos on Wednesday, the Minister of State for […]
NAICOM, FRSC Launch Joint Committee to Enforce Compulsory Motor Insurance
By Oluwakemi Kindness The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have inaugurated a Joint Committee on the Enforcement of Compulsory Third-Party Motor Insurance, a key step toward implementing the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The inauguration, held at NAICOM Headquarters in Abuja on Wednesday, underscores both agencies’ commitment […]
NAICOM, FRSC, NHIA Collaborate to Boost Road Safety, Insurance Compliance
By Oluwakemi Kindness The National Insurance Commission (NAICOM), Federal Road Safety Corps (FRSC), and National Health Insurance Authority (NHIA) have agreed to integrate data systems. They also agreed to launch joint public campaigns, and set up an enforcement committee to strengthen road safety and insurance compliance under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. […]
Nigeria Leads Regional Push for Climate-Resilient Insurance Framework
By Oluwakemi Kindness Nigeria is taking the lead in reshaping how West Africa uses insurance to confront the growing threat of climate change. At the opening of the 2025 West African Insurance Companies Association (WAICA) Conference on Monday in Lagos, the Commissioner for Insurance, Olusegun Ayo Omosehin, urged insurers across the region to move beyond […]
NAICOM Seeks CAC Support to Meet 12-Month Recapitalization Deadline
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has secured the commitment of the Corporate Affairs Commission (CAC) to support the implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, particularly the law’s 12-month recapitalization timeline. Speaking during a courtesy visit to the CAC Registrar General in Abuja, the Commissioner for Insurance (CFI), Olusegun […]
NAICOM Begins Recapitalisation as NIIRA 2025 Increases Capital Floor
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has announced the commencement of a sweeping recapitalisation exercise for insurance and reinsurance companies in Nigeria. This follows the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu on July 31, 2025. Under the new law, the Minimum […]
NAICOM Grants Two New Licenses, Seeks Better Corporate Governance
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd. Commissioner for Insurance, Olusegun Ayo Omosehin, emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. According to a statement in Abuja on […]
Aviation Boost: NAICOM Rolls Out Bold New Leasing Rules
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has officially launched the Revised Regulation on Insurance for Leased and Financed Aircrafts. The revised regulation seeks to strengthen Nigeria’s aviation and insurance industries, enhance investor confidence, and promote ease of doing business in the country. The unveiling held in Abuja on Monday at the Office of […]