The Centre for Credible Reforms and Institutional Accountability, CCRIA, has commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM, Olusegun Ayo Omosehin, for promoting transparency and accountability in the ongoing reforms of Nigeria’s insurance industry.
The centre said the implementation of the Nigerian Insurance Industry Reform Act, NIIRA, 2025, had ushered in a new phase of development for the sector through stronger regulatory standards, improved capitalisation and greater emphasis on policyholder protection.
President of the centre, Dr Aminu Abubakar Aminu, said this in a statement issued at the weekend.
Aminu also commended President Bola Tinubu and the National Assembly for the enactment of NIIRA, describing the legislation as a major step towards addressing longstanding challenges in the insurance industry.
“The enactment of the Nigerian Insurance Industry Reform Act is a significant milestone in the development of Nigeria’s insurance sector.
“We commend Mr President and the National Assembly for recognising the need to modernise the legal and regulatory framework governing the industry.
“NIIRA provides the foundation for an insurance sector that is better capitalised, more accountable, more responsive to policyholders and better equipped to contribute meaningfully to the Nigerian economy,” he said.
The centre also praised Omosehin’s leadership of NAICOM, saying his experience in the insurance industry had positioned him to implement the new regulatory framework effectively.
“We consider the appointment of Mr Olusegun Ayo Omosehin as Commissioner for Insurance and Chief Executive Officer of NAICOM a timely and appropriate decision.
“He is a seasoned insurance professional with many years of experience in the industry, and his understanding of the sector gives him the practical knowledge required to lead an important reform process of this nature,” Aminu said.
He commended Omosehin for the direction he had provided since assuming office and his efforts to strengthen the industry.
According to the centre, the ongoing recapitalisation exercise is one of the key measures aimed at strengthening the financial capacity of insurance companies and improving their ability to meet obligations to policyholders.
Aminu said the reforms were already producing early gains and urged the commission to sustain their implementation.
“The early developments under NIIRA demonstrate that the reform is not merely a legislative exercise but a process capable of producing measurable improvements in the industry.
“Stronger capital requirements, improved supervision and greater attention to policyholder protection will ultimately create an insurance market that Nigerians can trust,” he said.
He urged NAICOM to remain focused on implementing the Act while providing clear guidance to operators and other stakeholders.
The centre said the reforms could also help deepen insurance penetration and increase the sector’s contribution to Nigeria’s economic development.
It urged insurance companies, brokers, reinsurers, professional bodies and other stakeholders to embrace the new regulatory framework and work with NAICOM to achieve the objectives of the legislation.
“The success of NIIRA will require the cooperation of every stakeholder in the insurance ecosystem.
“Operators must see the reforms as an opportunity to strengthen their institutions, improve their services and regain the confidence of Nigerians,” Aminu said.
