Oil Tankers, Filling Stations Owners Face Imprisonment Over New Insurance Act 2025

The Nigerian Insurance Reform Act NIIRA 2025 has come into effect, mandating that oil tankers operating on public roads must have insurance coverage for future damages. Owners of gas stations and petroleum replenishing installations are also required to have insurance.

Violators of this law could face imprisonment for at least two years and a fine. The Act also stipulates that public buildings must be insured against potential risks like collapse, fire, earthquake, storm, and flood.

Additionally, a Fire Services Maintenance Fund will be established, funded by a percentage of net premiums received by insurers. The Act also sets capital requirements for insurance companies, with life insurance companies needing at least N10 billion in capital, insurers needing a minimum of N15 billion, and reinsurance companies needing N35 billion.