Abuja: The Chartered Insurance Institute of Nigeria (CIIN) has announced that the newly signed National Insurance Industry Reform Act 2025 (NIIRA 2025) will bring about equity in the insurance sector, providing benefits to both policyholders and operators. CIIN National President, Mrs. Yetunde Ilori, emphasized the Act’s potential to strengthen the industry by enhancing capital generation and enabling insurance firms to meet their obligations more effectively. She highlighted that the Act, signed into law by President Bola Tinubu on August 5, was crafted to balance the interests of all stakeholders.
According to News Agency of Nigeria, Ilori refuted claims that the new law favors policyholders over other stakeholders. She stated that the Act is not designed to favor any particular group but rather to promote equity across the board. The participation of the entire industry in shaping the content of the law, including collaboration between the Senate and the House of Representatives, was highlighted as a testament to effective industry-wide cooperation.
Ilori expressed appreciation to President Tinubu for his approval of the Act, noting that it will consolidate existing companies and ensure more capital is generated and deployed appropriately. While acknowledging that no law is perfect, she expressed confidence that any necessary amendments could be pursued during its implementation if imperfections are identified.
The NIIRA 2025 is described as a product of comprehensive input from stakeholders across all sectors of the insurance industry. Ilori called on the National Insurance Commission (NAICOM) to begin implementation promptly and advised operators who have yet to meet the Act’s requirements to use the available time to comply.
“This Act is a win-win for everyone in the industry,” Ilori concluded, underscoring the inclusive benefits envisioned by the new legislation.