A parliamentary group and a civil society organisation have commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, for what they described as transparent implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The groups also said the insurance sector was undergoing significant regulatory and structural changes following the enactment of the law.
Speaking at a world press conference in Abuja on Thursday, the Parliamentary Support Network said NIIRA 2025, signed into law by President Bola Ahmed Tinubu, had moved from legislation to implementation through recapitalisation, stronger policyholder protection and renewed enforcement of compulsory insurance.
In a statement signed by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren, the group said Omosehin had played a role in 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 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 said.
The network said Omosehin had more than three decades of experience in underwriting, risk management, corporate restructuring and insurance administration.
It also cited his previous positions 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The group commended President Tinubu and the National Assembly for the enactment of NIIRA 2025, which repealed and consolidated previous insurance laws and introduced provisions covering capital requirements, risk-based supervision, corporate governance, consumer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,’ the network said.
‘NIIRA provides a unified legal framework while giving the regulator greater capacity to respond to emerging risks. It also provides for stronger protection of policyholders, including the establishment of the Insurance Policyholders Protection Fund,’ it added.
On the implementation of the law, the network cited NAICOM’s August 2026 announcement that the 12-month recapitalisation exercise had been completed, describing it as a step towards strengthening the industry’s capital base.
It also referred to the commencement of the Insurance Policyholders Protection Fund and the October 2025 inauguration of a joint committee involving NAICOM and the Federal Road Safety Corps on the enforcement of 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.
‘Since the commencement of NIIRA, there have been visible steps towards putting its provisions into effect,’ the network said.
‘NAICOM announced in August 2026 that the twelve-month exercise had been successfully completed, describing it as a major step towards building a stronger, more resilient and adequately capitalised insurance industry.
‘These developments indicate that NIIRA is moving from legislation to implementation,’ it added.
The network acknowledged that the new capital requirements had placed demands on operators and that disagreements could arise over fees, compliance and interpretation of the law.
It, however, said such disagreements should be addressed through evidence, due process and institutional accountability.
The group also referred to the ongoing dispute involving NICON Insurance Plc, Nigeria Reinsurance Corporation and NAICOM over aspects of the recapitalisation exercise, including petitions submitted to the Economic and Financial Crimes Commission (EFCC).
NAICOM has rejected allegations of wrongdoing and said that providing information requested by the EFCC does not amount to an indictment.
‘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,’ the group said.
‘We believe the allegations should be subjected to proper investigation and due process rather than trial by media.
‘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 stated.
The network 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 group said policyholder protection should remain central to the implementation of the new law.
‘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,’ the network said.
It 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.