President Tinubu Signs New Law to Regulate Nigeria’s Insurance Sector

President Tinubu has signed the Nigerian Insurance Industry Reform Act 2025 into law, introducing major overhauls to strengthen the sector and support Nigeria’s $1 trillion economy ambition.

President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law—a landmark step aimed at revitalising the country’s financial sector and driving Nigeria closer to its $1 trillion economy target.

Now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the legislation repeals outdated laws, consolidating them into a single, modern framework for the regulation and supervision of all insurance and reinsurance businesses in Nigeria.

This move reflects the Tinubu administration’s commitment to financial stability, economic development, and inclusive growth, in line with the Renewed Hope Agenda.

“The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry,” the statement reads.

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Key reforms introduced in the Act include:

1. Stricter capital requirements to ensure financial soundness of operators;
2. Mandatory insurance policies to enhance consumer protection;
3. Digitisation of the insurance market for better access and operational efficiency;
4. Zero tolerance for delayed claims settlement;
5. Establishment of policyholder protection funds, especially in cases of insurer insolvency;
6. Broadened participation in regional insurance schemes, including the ECOWAS Brown Card System.

The National Insurance Commission (NAICOM) will oversee the implementation of the new law, which is expected to unlock fresh investments, boost consumer confidence, and position Nigeria as a top insurance hub in Africa.