The National Insurance Commission (NAICOM) and the Nigerian Council of Registered Insurance Brokers (NCRIB) have agreed to deepen cooperation as the industry prepares for sweeping regulatory changes under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
At a strategic meeting between both institutions, discussions focused on aligning strategies to implement the new law, strengthen market discipline, and broaden awareness of insurance benefits among Nigerian households and businesses.
The Commissioner for Insurance, Segun Omosehin, commended NCRIB’s role in promoting professionalism and compliance among brokers, describing the council as a crucial partner in ensuring that reforms deliver tangible results.
He stressed that enforcement of the new law’s provisions would be critical to its success, urging the council to work closely with the commission to make insurance more accessible and relevant to Nigerians.
With NIIRA 2025 expected to usher in stricter regulations and expanded coverage, the strengthened partnership is seen as a step toward improving public trust and deepening penetration in Nigeria’s insurance market.
