Omosehin Launches IPPF Committee for Policyholder Protection

Ayo Olusegun Omosehin, during an inauguration ceremony in Abuja, mandated the IPPF Committee to focus on sustainable financing and the protection of policyholders within Nigeria's insurance sector. This initiative marks a significant step towards strengthening consumer confidence in the insurance market and aims to deepen consumer protection.

The committee's establishment is in accordance with Section 212 of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which seeks to provide policyholders with greater assurance and enhance market credibility. Omosehin emphasized the importance of financial discipline and prudent asset management to ensure the long-term sustainability of the fund.

The committee is tasked with ensuring timely contributions, sound investment practices, and transparent governance of the fund, which serves as a safety net for policyholders in cases of insolvency. This initiative reflects the federal government's commitment to a more resilient, consumer-centric insurance industry in Nigeria.