The National Insurance Commission (NAICOM) and the Nigeria Police Force (NPF) have entered into a strategic collaboration to enhance enforcement of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and address widespread non-compliance within the sector. The agreement was finalized during a high-level meeting held in Abuja yesterday between the Commissioner for Insurance, Olusegun Omosehin, and the Inspector-General of Police, Olatunji Disu, as regulators intensify efforts to restore industry confidence and protect policyholders.
Focus of the Partnership
The discussions centered on curbing illegal insurance operations, enforcing compulsory insurance policies, and improving market discipline through closer cooperation between regulators and law enforcement agencies. Omosehin emphasized that the implementation of NIIRA 2025 marks a significant milestone for the insurance industry, with effective enforcement being crucial to achieving the reform's goals. He noted that the new law aims to modernize the insurance landscape, enhance transparency, and strengthen consumer protection in a sector historically plagued by low penetration and trust issues.
“NAICOM cannot achieve full compliance and market discipline without strategic collaboration with enforcement agencies. The support of the Police is critical in addressing illegal operators and protecting policyholders,” Omosehin stated.
Police Commitment
Inspector-General Disu assured the commission of the police force's dedication to supporting insurance reforms through coordinated enforcement actions against fraudulent operators and violators of insurance laws. He confirmed that the police would provide operational and legal backing to ensure prosecution of offenders and support initiatives to safeguard policyholders' rights.
Industry Reaction
Industry stakeholders have hailed the collaboration as a major step toward strengthening regulatory enforcement and improving public trust. Kunle Ahmed, Chairman of the Nigerian Insurers Association (NIA), noted that the partnership could help address persistent issues such as fake insurance certificates and non-compliance with compulsory insurance policies. He added that stricter enforcement would protect genuine policyholders and enhance the industry's credibility.
A senior underwriting executive highlighted the importance of the partnership, especially given the rising cases of fake motor insurance and unauthorized operators exploiting unsuspecting Nigerians.
Pension Reforms Update
In a related development, the National Pension Commission (PenCom) disclosed that only seven states and the Federal Capital Territory are fully implementing pension reform laws, despite widespread adoption of contributory pension frameworks across the country. Director-General Mrs. Omolola Oloworaran made this known in Abuja during the inaugural bi-annual consultative session for heads of service of states that have yet to adopt or fully implement the Contributory Pension Scheme or the Contributory Defined Benefits Scheme.
“Out of the 36 states with pension reform laws on their books, only seven states, together with the Federal Capital Territory, are fully implementing these laws,” she said. The session aimed to encourage dialogue with affected state heads of service and explore practical ways for PenCom to provide technical support for successful adoption and implementation of pension reforms at the sub-national level.
