The Chartered Insurance Institute of Nigeria (CIIN) has welcomed the recently signed National Insurance Industry Reform Act 2025 (NIIRA 2025), describing it as a landmark legislation that will promote equity, strengthen the sector, and benefit both policyholders and operators.
Signed into law by President Bola Ahmed Tinubu on August 5, 2025, NIIRA 2025 is the first major overhaul of Nigeria’s insurance legal framework in 22 years.
A Balanced Reform for All Stakeholders
Speaking with the News Agency of Nigeria (NAN), Mrs Yetunde Ilori, CIIN National President, emphasised that the Act was not skewed in favour of policyholders alone, but carefully crafted to balance the interests of all industry players.
“To have a replacement of a law after 22 years is good news. The entire industry participated in shaping its content, which demonstrates effective collaboration between the Senate and the House of Representatives.
The law is not designed to favour some people over others but to promote equity,” she said.
Key Benefits of NIIRA 2025
- Enhanced Capital Generation – Ensures companies have stronger financial capacity to meet obligations.
- Industry Consolidation – Strengthens existing players for long-term stability.
- Improved Compliance – Sets clear requirements for sustainable operations.
- Stakeholder-Driven Provisions – Crafted with contributions from insurers, brokers, regulators, and other stakeholders.
Ilori also stressed that no law is perfect, noting that amendments can be made to specific sections in the future as implementation progresses.
Call for Swift Implementation
The CIIN President urged the National Insurance Commission (NAICOM) to commence implementation without delay and encouraged operators yet to meet the Act’s provisions to use the available window to comply.
She reaffirmed that NIIRA 2025 is a product of industry-wide consensus and a critical step towards building a stronger, fairer, and more competitive insurance sector in Nigeria.
