Nigerian Insurance Industry Reform Act, 2025
Repeals and consolidates the insurance laws into one framework with higher capital requirements, compulsory insurance enforcement and policyholder protection funds.
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The State House said the Act repeals and consolidates several older insurance laws into a single framework for the regulation and supervision of all insurance and reinsurance businesses, to be administered by the National Insurance Commission (NAICOM). Measures it lists include stringent capital requirements, enforcement of compulsory insurance policies, digitisation of the market, no tolerance for delays in claims settlement, policyholder protection funds for insolvency, and wider participation in regional schemes such as the ECOWAS Brown Card.
Who this affects
Policyholders, insurers and reinsurers, and NAICOM.
What it changes
- 1Stringent capital requirements for operators.
- 2Enforcement of compulsory insurance policies.
- 3Dedicated policyholder protection funds, especially on insolvency.
- 4Zero tolerance for delays in claims settlement.
1 section
-.Measures listed by the Presidency (paraphrased)
(paraphrased) The Act introduces stringent capital requirements, enforcement of compulsory insurance policies, digitisation of the insurance market, zero tolerance for delays in claims settlement, dedicated policyholder protection funds, and expanded participation in regional schemes such as the ECOWAS Brown Card; NAICOM administers it.
This is a readable rendering for citizens. The authoritative text is the gazetted version — linked below.
Assented
5 August 2025
Date the assent was reported or announced in the cited source.
Official text
The gazetted document
Today in the Assembly
Sittings, motions and divisions, day by day
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