Insurance Commissioner Omosehin Lauded for NIIRA 2025 Success

On October 1, a parliamentary group and a civil society organization commended Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance, for his effective management of the Nigerian Insurance Reform Act (NIIRA) 2025. They noted that the sector is experiencing meaningful changes due to the law's implementation, which includes recapitalisation, stronger policyholder protection, and enforcement of compulsory insurance products.

The Parliamentary Support Network highlighted Omosehin's extensive experience in underwriting and risk management, as well as his previous roles as Managing Director and Chief Executive of Old Mutual Life Assurance Company Limited and Chairman of the Nigerian Insurers Association. The group also praised President Bola Ahmed Tinubu for enacting the law, which introduced provisions for capital adequacy and consumer protection.

They acknowledged the successful completion of a twelve-month recapitalisation exercise by NAICOM in August 2026 and the establishment of the Insurance Policyholders Protection Fund. However, concerns were raised regarding petitions from NICON Insurance Plc and Nigeria Reinsurance Corporation, both under liquidation, alleging irregularities in the recapitalisation process.