NAICOM's Omosehin Lauded for Implementing Insurance Reforms

The Parliamentary Support Network and a civil society organization commended Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, for his transparent implementation of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025). This Act, signed by President Bola Ahmed Tinubu, has transitioned from legislation to implementation, enhancing recapitalization, policyholder protection, and enforcement of compulsory insurance.

The network acknowledged Mr. Omosehin's extensive experience in underwriting, risk management, and insurance administration, including his previous roles as Managing Director and CEO of Old Mutual Nigeria Life Assurance Company Limited and Chairman of the Nigerian Insurers Association. The group praised the enactment of NIIRA 2025 for consolidating earlier laws and introducing stronger provisions on capital and consumer protection.

Key achievements since the Act's commencement include the completion of a twelve-month recapitalization exercise and the establishment of the Insurance Policyholders Protection Fund, alongside collaborations with the Federal Road Safety Corps to enforce compulsory motor insurance.