President Bola Tinubu has signed the Nigerian Insurance Industry Reforms (NIIR) Bill 2025 into law, starting a new era of reforms aimed at revitalising the industry after over two decades under the Insurance Act 2003.
In a statement released on 5 August, presidential spokesperson Mr Bayo Onanuga said that the new Act provides comprehensive oversight of all insurance and reinsurance businesses operating in Nigeria.
The NIIRA Act repeals outdated laws and unifies them into one modern legal framework for insurance and reinsurance regulation, reported the News Agency of Nigeria.
The law introduces tougher capital requirements to ensure the financial soundness of insurance companies. It also introduces mandatory insurance enforcement to strengthen consumer protection and drive market digitisation for greater access and efficiency.
The Act provides for zero tolerance on delayed claims, the creation of policyholder protection funds, and deeper participation in regional schemes like the ECOWAS Brown Card.
The industry regulator, the Nigerian Insurance Commission (NAICOM), said, “The Act marks a new era in the ongoing efforts to strengthen the Nigerian insurance industry, enabling it to compete favourably in the African insurance market and globally.