The Insurance Industry Reform Bill 2025 (NIIRA), which President Bola Tinubu recently signed into law, represents a dramatic change in the nation’s traditional insurance practices.
Presidential spokesperson Bayo Onanuga, according to Daily Trust, stated that the NIIRA Act 2025 marks the beginning of a new age of openness, innovation, and worldwide competition for the insurance sector, which is consistent with the Federal Government’s goal of attaining a $1 trillion economy.
He revealed that the Act includes important provisions like strict capital requirements to guarantee operators’ financial stability; enforcing mandatory insurance coverage to improve customer safety; Insurance market digitization to increase efficiency and accessibility; no tolerance for claims settlement delays; Among other things, the establishment of special policyholder protection funds, particularly in the event of insolvency; and increased involvement in regional insurance programs, such as the ECOWAS Brown Card System
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