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A parliamentary support group and a civil society organisation have applauded the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM, Olusegun Ayo Omosehin, over what they described as the transparent implementation of the Nigerian Insurance Industry Reform Act, 2025.
The groups said the insurance sector was witnessing a positive revolution under the new law, with reforms in recapitalisation, policyholder protection and enforcement of compulsory insurance gaining momentum.
Speaking at a world press conference in Abuja on Thursday, the Parliamentary Support Network said the NIIRA 2025, signed into law by President Bola Ahmed Tinubu, had moved from legislation to implementation.
In a statement signed by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren, the group said Omosehin had played an important role in driving the implementation of the reforms.
“We also recognise the role being played by the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr Olusegun Ayo Omosehin, in the implementation of the reforms,” the group said.
“The Parliamentary Support Network therefore considers his industry experience relevant to the task before NAICOM at a time when the sector is undergoing significant regulatory and structural change,” it added.
The network said Omosehin had more than three decades of experience spanning underwriting, risk management, corporate restructuring and insurance administration.
It noted that he previously served as Managing Director and Chief Executive Officer of Old Mutual Nigeria Life Assurance Company Limited and Chairman of the Nigerian Insurers Association before his appointment as Commissioner for Insurance in 2024.
The group also commended President Tinubu and the National Assembly for enacting NIIRA 2025, which repealed and consolidated previous insurance laws and introduced provisions on capital requirements, risk-based supervision, corporate governance, consumer protection and regulatory enforcement.
“We commend President Bola Ahmed Tinubu and the National Assembly for their roles in the passage and enactment of NIIRA 2025,” it said.
According to the group, the new law provides a unified legal framework while strengthening the regulator’s capacity to respond to emerging risks.
It also highlighted provisions for stronger protection of policyholders, including the establishment of the Insurance Policyholders Protection Fund.
The network cited NAICOM’s August 2026 announcement that the 12-month recapitalisation exercise had been completed, describing it as a major step towards building a stronger and more resilient insurance industry.
It also noted the commencement of the Insurance Policyholders Protection Fund and the October 2025 inauguration of a joint committee between NAICOM and the Federal Road Safety Corps to enforce compulsory third-party motor insurance.
The group said NAICOM had also engaged government institutions and private-sector stakeholders on insurance products for the maritime, petroleum and agricultural sectors.
It described the developments as evidence that the reform was moving from legislation to practical implementation.
“Since the commencement of NIIRA, there have been visible steps towards putting its provisions into effect,” the group said.
“These developments indicate that NIIRA is moving from legislation to implementation,” it added.
The network, however, acknowledged that the new capital requirements had placed significant demands on insurance operators and that disagreements over fees, compliance and interpretation were inevitable.
It said such disagreements should be resolved through evidence, due process and institutional accountability.
“No company should be above regulation. At the same time, no regulator should be above scrutiny. The appropriate response to disagreement is evidence, due process and institutional accountability,” it said.
The group expressed concern over the cases of NICON Insurance Plc and Nigeria Reinsurance Corporation, which are under liquidation after failing to meet minimum capital requirements.
It also referred to petitions by the two companies to the Economic and Financial Crimes Commission (EFCC), alleging irregularities in the recapitalisation process.
NAICOM has rejected the allegations, saying the provision of information requested by the EFCC does not amount to an indictment.
“We believe the allegations should be subjected to proper investigation and due process rather than trial by media,” the network said.
“However, petitions to law-enforcement agencies must not become a mechanism for frustrating the implementation of a law duly enacted by the National Assembly and assented to by the President,” it added.
The group urged insurance operators to comply with NIIRA 2025 and called on NAICOM to continue applying the law transparently, consistently and without discrimination.
It also urged the EFCC to independently examine any properly lodged allegations.
The network said policyholder protection should remain central to the reform, stressing that the industry must not return to practices the new law was designed to address.
“NAICOM should continue to apply the law transparently, consistently and without discrimination. Regulatory decisions should be supported by clear documentation and communicated appropriately to affected stakeholders,” it said.
The group urged stakeholders, including the leadership of NAICOM under Omosehin, to remain focused on implementing the law, protecting policyholders and strengthening the insurance industry.
“With institutional discipline and respect for the law, the Nigerian insurance industry can emerge stronger, more resilient and better positioned to serve the Nigerian economy,” it said.
