NAICOM Charges NIA to Innovate and Enforce Insurance Trust

The National Insurance Commission (NAICOM) has charged the Nigerian Insurance Association (NIA) to focus on enforcement and innovation in the insurance sector. This directive was made during a speech in Abuja by Mr. Olusegun Ayo Omosehin, the newly appointed chairman of NIA, who succeeded Mr. Ebelechukwu B.

Nwachukwu, the first female chairman of the association. Omosehin's leadership comes at a pivotal moment following the passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which mandates a recapitalization exercise to be completed by July 31, 2026.

NAICOM commended the efforts of the previous chairman, Mr. Kunle Ahm, in supporting the passage of NIIRA 2025. The commission outlined three key responsibilities for the new leadership, emphasizing the need to build public trust, enhance compliance with compulsory insurance laws, and innovate through digital channels and microinsurance.

NAICOM reaffirmed its commitment to risk-based supervision and consumer protection, aiming to ensure that 100 million Nigerians own insurance policies.