Tinubu Signs Nigerian Insurance Industry Reform Bill 2025 Into Law
President Bola Tinubu has assented to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, aimed at strengthening Nigeria’s financial sector and accelerating the country’s drive toward a $1 trillion economy.
The Act consolidates outdated insurance laws into a modern framework, introducing stringent capital requirements, compulsory insurance policies, digitisation of the market, zero tolerance for delayed claims, and dedicated policyholder protection funds. It also encourages participation in regional schemes like the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) is tasked with implementing the reforms, which are expected to boost investment, consumer confidence, and position Nigeria as a leading insurance hub in Africa.
#NigeriaEconomy #InsuranceReform #NAICOM #Tinubu
President Bola Tinubu has assented to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, aimed at strengthening Nigeria’s financial sector and accelerating the country’s drive toward a $1 trillion economy.
The Act consolidates outdated insurance laws into a modern framework, introducing stringent capital requirements, compulsory insurance policies, digitisation of the market, zero tolerance for delayed claims, and dedicated policyholder protection funds. It also encourages participation in regional schemes like the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) is tasked with implementing the reforms, which are expected to boost investment, consumer confidence, and position Nigeria as a leading insurance hub in Africa.
#NigeriaEconomy #InsuranceReform #NAICOM #Tinubu
Tinubu Signs Nigerian Insurance Industry Reform Bill 2025 Into Law
President Bola Tinubu has assented to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, aimed at strengthening Nigeria’s financial sector and accelerating the country’s drive toward a $1 trillion economy.
The Act consolidates outdated insurance laws into a modern framework, introducing stringent capital requirements, compulsory insurance policies, digitisation of the market, zero tolerance for delayed claims, and dedicated policyholder protection funds. It also encourages participation in regional schemes like the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) is tasked with implementing the reforms, which are expected to boost investment, consumer confidence, and position Nigeria as a leading insurance hub in Africa.
#NigeriaEconomy #InsuranceReform #NAICOM #Tinubu
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