Insurance Act Implementation Restoring International Confidence In Nigeria’s Economy – Reps D/Spokesperson

Deputy Spokesperson of the House of Representatives, Hon. Philip Agbese on Monday, described President Bola Tinubu as the “father of modern insurance reforms” in Nigeria, saying the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 is restoring international confidence in the Nigerian economy.

Agbese, a member of the Labour Party from Benue state, in an interview with journalists, said the signing and implementation of the new insurance law represented a major step towards repositioning the industry to meet contemporary economic realities.

He said the reform has provided the legal and regulatory foundation required to build a stronger, more competitive and financially resilient insurance industry capable of supporting Nigeria’s economic transformation.

“The renewed focus on capital adequacy, sound corporate governance, consumer protection and improved regulatory oversight would enhance confidence among policyholders, investors and international business partners”, Agbese said.

He stated that a credible insurance industry was critical to attracting long-term investment, protecting businesses and individuals against risks and providing the financial backing required for infrastructure and other productive activities.

The lawmaker said the reform was particularly significant because it consolidated Nigeria’s insurance laws and introduced a more flexible framework capable of responding to changes in the domestic and global insurance markets.

He said the ongoing implementation of NIIRA was already producing measurable changes, pointing to the completion of the industry’s recapitalisation exercise, which NAICOM said strengthened operators’ financial resilience and attracted domestic and foreign investment.

Agbese commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr Olusegun Ayo Omosehin, for what he described as effective leadership in translating the provisions of NIIRA into practical regulatory reforms.

He said Omosehin’s emphasis on transparency, policyholder protection, sound market conduct and stronger capitalisation was helping to rebuild confidence in the insurance sector and position it for greater contribution to national economic development.

The opposition lawmaker also commended the commission for completing the recapitalisation exercise in a structured and verifiable manner.

He noted that NAICOM reported that 43 insurance and reinsurance companies had met the prescribed minimum capital requirements, with some additional firms undergoing final verification.

Agbese urged the commission to sustain its engagement with industry operators and other stakeholders while ensuring that stronger capitalisation translates into better services, prompt claims settlement, innovation and wider insurance penetration.

He said the National Assembly deserved commendation for providing the legislative framework for the transformation, stressing that the enactment of NIIRA demonstrated the legislature’s commitment to creating laws that respond to the changing needs of the Nigerian economy.

“The continued collaboration between the National Assembly, the executive, NAICOM and industry stakeholders would be necessary to ensure effective implementation of the Act and maximise its benefits for Nigerians and the wider economy”, Agbese added.