By Luminous Jannamike
ABUJA — The Nigerian insurance sector is undergoing a positive revolution as sweeping reforms move from legislation to implementation, the Parliamentary Support Network said on Thursday.
The group pointed to the completed recapitalisation exercise, stronger policyholder protection and renewed enforcement of compulsory insurance as signs that the reforms are beginning to reshape the industry.
Speaking at a world press conference in Abuja, Amb. Muhammad Abdulrazaq said the network recognised the role of the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM, Mr Olusegun Ayo Omosehin, in driving 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,” Abdulrazaq said.
The network also commended President Bola Ahmed Tinubu and the National Assembly for enacting the law, which consolidated previous insurance laws and strengthened provisions on capital, risk-based supervision, corporate governance, consumer protection and enforcement.
It cited NAICOM’s August 2026 announcement that the 12-month recapitalisation exercise had been completed, as well as the commencement of the Insurance Policyholders Protection Fund and renewed efforts to enforce compulsory third-party motor insurance.
It added that NAICOM had engaged stakeholders on insurance products for the maritime, petroleum and agricultural sectors, describing the developments as evidence that the reform was taking practical effect.
“Since the commencement of NIIRA, there have been visible steps towards putting its provisions into effect,” the network said.
On the controversy involving NICON Insurance Plc and Nigeria Reinsurance Corporation, both under liquidation after failing to meet minimum capital requirements, the group said allegations of irregularities in the recapitalisation process should be subjected to investigation and due process.
“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,” it said.
The network urged insurance operators to comply with the law and called on NAICOM to apply it transparently, consistently and without discrimination, while urging the EFCC to independently examine any properly lodged allegations.
It also called on stakeholders to keep policyholder protection at the centre of the reform and support its lawful implementation.
“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,” the group said.
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