The Parliamentary Support Network and a civil society organisation have publicly commended the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, for his stewardship of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing the sector as undergoing a positive transformation under the new legal framework. The commendation was delivered at a world press conference held in Abuja on Thursday.
Commendation for Omosehin's Leadership
In a statement jointly signed by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren, the network highlighted Omosehin's extensive background as a key factor in his suitability to lead the National Insurance Commission (NAICOM) during this reform period. The statement noted his over three decades of experience in underwriting, risk management, and corporate restructuring, along with his previous roles as Managing Director and Chief Executive of Old Mutual Nigeria Life Assurance Company Limited and Chairman of the Nigerian Insurers Association prior to his appointment in 2024.
The group also praised President Bola Ahmed Tinubu and the National Assembly for enacting NIIRA 2025, which repealed earlier insurance legislation and introduced provisions covering capital adequacy, risk-based supervision, corporate governance, consumer protection, and regulatory enforcement. The network stated that the act provides a unified legal framework while granting the regulator greater capacity to respond to emerging risks.
Early Gains Under NIIRA 2025
Among the early achievements cited by the network was NAICOM's August 2026 announcement that a twelve-month recapitalisation exercise had been completed successfully. The group also pointed to the launch of the Insurance Policyholders Protection Fund and the October 2025 inauguration of a joint committee with the Federal Road Safety Corps to enforce compulsory third-party motor insurance.
The network acknowledged that the new capital requirements place significant demands on operators and that disagreements over fees, compliance, and interpretation are expected during such transitions.
Concerns Over NICON and Nigeria Re Cases
However, the network expressed concern over petitions filed by NICON Insurance Plc and Nigeria Reinsurance Corporation, both currently under liquidation after failing to meet minimum capital thresholds, to the Economic and Financial Crimes Commission (EFCC) over alleged irregularities in the recapitalisation process. NAICOM has rejected these allegations, clarifying that cooperating with the EFCC does not amount to an indictment of the commission.
The network emphasised that no company should be above regulation and no regulator should be above scrutiny, adding that the appropriate response to disagreement is evidence, due process, and institutional accountability. It warned that petitions to law enforcement must not become tools for stalling a law duly passed by the National Assembly.
Recommendations and Next Steps
In its recommendations, the group urged all operators to comply fully with NIIRA 2025, called on NAICOM to apply the law consistently and without discrimination, and asked the EFCC to examine any properly lodged complaints independently. It stressed that policyholder protection must remain at the centre of the reform process.
Earlier reports indicated that NAICOM revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the minimum capital threshold required for reinsurers, invoking its powers under NIIRA 2025 after the company missed the statutory recapitalisation deadline. The commission's actions and the ongoing scrutiny by the EFCC will continue to shape the implementation of the reform act across the Nigerian insurance industry.
