Private Sector Partners NAICOM On Insurance Act Implementation

The Organised Private Sector (OPSN) and the National Insurance Commission (NAICOM), have begun discussion on coordinated implementation of provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the deployment of sector specific insurance products for the maritime and petroleum sectors.

Leader of the delegation and chairman of the OPS Insurance-Tech Committee, Dr Alban Igwe, during a visit to the Commission stated that the engagement follows months of stakeholder consultations across the maritime and petroleum sectors, including freight forwarders, transport associations, retailers, and underwriters.

He said they are at NAICOM for regulatory discussions on implementation provisions of the Law and operationalization of insurance products to address longstanding gaps in compensation and risk transfer in these sectors.

Dr Igwe said the initiative is a multi stakeholder, private sector led effort mandated by two federal ministries (Ministries of Petroleum and Blue Economy) to coordinate stakeholders and propose implementation of insurance provision under the NIIRA 2025.

The OPSN identified umbrella organisations participating in the effort, including the Nigerian Chamber of Commerce, Manufacturers Association of Nigeria, National Association of Small Scale Industries and trade associations in the transport and petroleum distribution sectors.

The OPSN described two priority tracks, Maritime sector product(s) to mitigate container and cargo-related losses and to provide faster compensation for affected parties and Petroleum sector product(s) to provide public liability/commission liability cover for retail distribution and transit risks (noting tight retail margins and the need to consider pricing templates).

The commissioner for Insurance and CEO of NAICOM, Olusegun Omosehin, applauded the initiative, stating that NAICOM is committed to collaborating with stakeholders to implement NIIRA 2025.

He emphasized that the Commission is responsible for issuing frameworks, guidelines, and premium determinations for compulsory insurance products under NIIRA 2025, and that technical proposals must align with the regulator’s remit.

The commissioner stressed that consumer protection is paramount, and proposals must be justified and assessed for fairness.

The meeting concluded that a technical working group should be established to review the proposal and develop implementation modalities.