NAICOM Signs Agreement with OPSN on NIIRA Implementation

Ebere Nwoji

The National Insurance Commission (NAICom), has signed agreement with members of the Organised Private Sector Nigeria (OPSN), for a coordinated implementation of provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the deployment of sector specific insurance products for the maritime and petroleum sectors.

The agreement was signed during a recent visit of the members of OPSN representatives to NAICOM.

Leader of the delegation and Chairman of the OPSN Insurance-Tech Committee, Dr. Alban Igwe stated that the engagement followed months of stakeholder consultations across the maritime and petroleum sectors, including freight forwarders, transport associations, retailers, and underwriters. He said they were at NAICOM for regulatory discussions on implementation provisions of the Law and operationalisation of insurance products to address longstanding gaps in compensation and risk transfer in these sectors.

Igwe said the initiative was a multi stakeholder, private sector led effort mandated by two federal ministries (Ministries of Petroleum and Blue Economy) to coordinate stakeholders and propose implementation of insurance provision under the NIIRA 2025.

The Commissioner for Insurance welcomed the initiative, stating that NAICOM was committed to collaborating with stakeholders to implement NIIRA 2025. He emphasised that the commission was responsible for issuing frameworks, guidelines, and premium determinations for compulsory insurance products under NIIRA 2025, and that technical proposals must align with the regulator’s remit. 

He stressed that consumer protection was paramount, and proposals must be justified and assessed for fairness.