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 […]
NAICOM, Partners Launch 2025 Inclusive Insurance Challenge for Underserved Nigerians
By Oluwakemi Kindness The National Insurance Commission (NAICOM) and leading development partners have launched the Inclusive Insurance Innovation Challenge (IIIC) Nigeria 2025 to expand insurance access for underserved communities. NAICOM’s Head of Innovation, Kenneth Aroh, said in a statement that the programme will support innovators with mentorship, regulatory guidance and technical backing to develop inclusive, […]
PenCom, NAICOM Enforce Stricter Compliance with Pension and Insurance Laws
By Oluwakemi Kindness The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have jointly issued a directive mandating full compliance with Nigeria’s pension and insurance regulations across the insurance industry and its value chain. The directive, contained in a Joint Circular on Wednesday signed by Abdulrahaman Muhammad Saleem, Director of Surveillance at PenCom, […]
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 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, Police Raid Fake Motor Insurance Dealers in Abuja
By Oluwakemi Kindness The National Insurance Commission (NAICOM), in collaboration with the Nigeria Police Force, has launched a major crackdown on individuals peddling fake motor third-party insurance policies in Abuja. The crack down led by its Motor Third-Party Insurance Enforcement Committee, NAICOM operatives, supported by the police, stormed the Mabuchi area of the Federal Capital […]
NAICOM, SEC Unite to Enforce NIIRA 2025 Recapitalization Mandate
By Oluwakemi Kindness The Securities and Exchange Commission (SEC) has pledged full support to the National Insurance Commission (NAICOM) in its ongoing recapitalization exercise and sector-wide digital transformation. This follows the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 SEC Director-General, Emomotimi Agama, gave the assurance when he received the Commissioner for […]
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 Strengthens Enforcement of Insurance for Public Buildings and Construction Projects
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has reaffirmed its commitment to enforcing insurance compliance for public buildings and construction sites across Nigeria. NAICOM stated this at the 4th Meeting of the Joint Committee on Insurance for Public Buildings and Buildings under Construction, in Abuja on Wednesday which brought together key stakeholders to review […]
NAICOM Recommits To Prompt Payment of Insurance Claims
Partners FRSC on 3rd Party Vehicle Insurance Oluwakemi Kindness The National Insurance Commission (NAICOM) on Thursday urged Nigerians to be more positive on the benefits of insurance in the country. This is as the Commission reiterated it’s committment to ensuring that Insurance policyholders get their claims payment as at when due. The Commissioner for Insurance, […]