WorldStage– The National Insurance Commission (NAICOM) has inaugurated three working groups to drive the structured and coordinated implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mr Olusegun Omosehin, the Commissioner for Insurance, said on Tuesday in Abuja that the groups would help facilitate the structured and coordinated execution of NIIRA’s objectives.
Omosehin said the new working groups would serve as engines of reform, ensuring that critical policy objectives were translated into measurable outcomes.
He reaffirmed NAICOM’s commitment towards ensuring that the implementation phase of NIIRA was inclusive, data-driven, and results-oriented.
Omosehin said the would consolidate ongoing reforms within the commission and reposition the insurance industry as a key player in national economic growth.
”This marks the beginning of a coordinated journey towards achieving a stronger, more transparent, and technology-driven insurance industry.
”The NIIRA 2025 is not just a regulatory document, it is a blueprint for building an insurance sector that protects lives, businesses, and investments across the country,” he said.
Omosehin expressed optimism that the groups which included the compulsory insurance, digitisation and financial inclusion working groups would fast-track industry-wide reforms.
The compulsory insurance group chaired by Mr Shola Tinubu had the mandate to strengthen the enforcement and adoption of all compulsory insurance schemes across the country,
The compulsory insurances include Motor (Third Party), Builders Liability, Group Life, Professional Indemnity, and Public Buildings insurance.
The digitisation group chaired by Adetola Adegbayi had the mandate of modernising the insurance regulatory ecosystem through innovative digital tools and platforms.
The financial Inclusion group with Dr Yeside Oyetayo as the Chairperson had the mandate to
deepen insurance penetration, particularly among underserved and low-income populations.
The working groups pledged their commitment towards achieving the goals.
NIIRA 2025 signed into law recently had set out a holistic roadmap for regulatory reform, financial inclusion, digital transformation, and compulsory insurance enforcement.
NIIRA implementation aims to align Nigeria’s insurance industry with international standards while improving public confidence and economic resilience through risk protection.
