Insurers Seek Prompt Gazetting, Implementation of NIIRA, Commends FG

Ebere Nwoji

Insurance sector operators have requested for prompt gazetting and implementation of the Nigerian  Insurance Industry Reform Act (NIIRA), which was assented to by President Bola Ahmed Tinubu last week.

The insurers commended the president for the latest development saying it represents a bold step towards strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernising operations within the industry. 

Both the Nigeria Insurers Association(NIA) and Nigerian Council of Registered Insurance Brokers (NCRIB)sent their commendations and further requests for the gazette gift he Act to president Tinubu in separate statements.

The NCRIB  commended President Tinubu affirming that the law would unlock the huge potentials of the insurance industry in the country.

In a statement, it said that the landmark achievement was a significant milestone in the development of the insurance industry and demonstrates the government’s commitment to creating a more pragmatic, robust and regulated insurance sector.

While also appreciating the pivotal role played by the National Insurance Commission (NAICOM) and the National Assembly (NAS) in ensuring the passage of the law, the NCRIB president, Babatunde Oguntade said the law would usher in a new era of growth, innovation, and protection for insurance consumers in Nigeria.

The Act, according to him, provides a framework for the regulation and supervision of the insurance industry, ensuring that insurance companies operate in a fair and transparent manner.

In order to give effect to the law, the NCRIB President advised the Federal Government to ensure that the Act is gazetted and implemented expeditiously.

“We urge the relevant government agencies to work tirelessly to develop regulations and guidelines that will facilitate the effective implementation of the Act. The Nigeria Insurance Industry Act will enable more Nigerians to access insurance products that meet their needs, providing them with financial protection and security,” he said

On its part, NIA said it welcomed with great appreciation the presidential assent to the NIIRA 2025, describing it as a pivotal legislation that sets the stage for transformative progress across the insurance ecosystem and the broader financial services landscape.

“This Act, signed into law by President Bola Tinubu, represents a bold step towards strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernising operations within the industry. 

“It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic architecture and in line with the president’s vision for achieving a $1 trillion economy by 2030,” said NIA Chairman, Mr Kundera Ahmed in the statement.