The Chartered Insurance Institute of Nigeria (CIIN) has expressed confidence that the newly enacted National Insurance Industry Reform Act 2025 (NIIRA 2025) will foster fairness and balance in the sector, benefiting both policyholders and operators.

Speaking to the News Agency of Nigeria (NAN), CIIN President, Mrs. Yetunde Ilori, described the legislation—signed by President Bola Tinubu on August 5—as a long-awaited step towards strengthening the insurance industry, improving capital mobilisation, and enabling firms to fulfil their obligations more effectively.

Ilori dismissed claims that the law is skewed in favour of policyholders, explaining that it was deliberately crafted to serve the interests of all stakeholders.

Replacing a 22-year-old law is a welcome development. The industry had significant input in shaping its provisions, working in synergy with both the Senate and House of Representatives,” she said.

“We thank President Tinubu for giving assent. This law is about equity, not bias. It will consolidate the sector, boost capital generation, and ensure its proper use.”

She acknowledged that no legislation is flawless but noted that adjustments could be made if gaps are identified during implementation.

Describing NIIRA 2025 as a product of collective industry effort, Ilori urged the National Insurance Commission (NAICOM) to commence swift implementation. She also encouraged operators who are yet to meet the Act’s requirements to use the available window to achieve compliance.