New Insurance Act will Promote Equity, says CIIN President

The Chartered Insurance Institute of Nigeria (CIIN) has said the newly signed National Insurance Industry Reform Act 2025 (NIIRA 2025) would promote equity in the sector, benefiting both policyholders and operators.

National President, Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, told the News Agency of Nigeria (NAN) on Sunday that the Act, signed into law by President Bola Tinubu last Tuesday was designed to strengthen the industry, enhance capital generation, and enable insurance firms to meet their obligations more effectively.

Ilori dismissed suggestions that the law tilts in favour of policyholders, stressing that it was crafted to balance the interests of all stakeholders.

“To have a replacement of a law after 22 years is good news. The entire industry participated in shaping its content, which demonstrates effective collaboration between the Senate and the House of Representatives.

“We appreciate President Tinubu for assenting to it. The law is not designed to favour some people over others but to promote equity.

“It will consolidate and strengthen existing companies, ensuring more capital is generated and deployed appropriately.

“No law is perfect, but as we begin implementation, if we notice any imperfections, we can always seek amendments in specific sections,” she said.

Describing NIIRA 2025 as a product of industry-wide input, Ilori noted that stakeholders from across all arms of the insurance sector contributed to its provisions.

She urged the National Insurance Commission (NAICOM) to begin with swift implementation and advised operators yet to meet the Act’s requirements to take advantage of the available time to comply.