Exclusive: Insurance Reform Bill gets Presidential approval, industry to recapitalize
National Insurance Commission
Nike Popoola
The much-anticipated Insurance Reform Bill, spearheaded by the Nigerian insurance industry, has finally received presidential assent.
Sources within the industry and close to the Presidency confirmed to Dailyeconomy that the Bill was approved on Friday, marking a significant milestone in efforts to transform the insurance sector in Nigeria.
While industry stakeholders await an official announcement through a formal press release from the Presidency, the development signals the beginning of a new era for insurance regulation and operations in the country.
Dailyeconomy had earlier reported in March that the House of Representatives passed the Nigerian Insurance Industry Reform Act Bill, 2025 (SB. 393), following its approval by the Senate in December 2024.
A key provision of the newly enacted law is the increase in minimum capital requirements across insurance categories.
The new thresholds are: Life insurance – from N2 billion to N10 billion; Non-life insurance – from N3 billion to N15 billion; Reinsurance – from N10 billion to N35 billion.
These adjustments mark the first major recapitalization since 2007 and are expected to drive significant improvements in insurance penetration, public trust, and overall industry competitiveness.
The new legislation repeals several outdated laws, including: The Insurance Act, Cap. I17, Laws of the Federation of Nigeria, 2004; The Marine Insurance Act, Cap. M3; The Motor Vehicle (Third Party) Insurance Act, Cap. M22; The National Insurance Corporation of Nigeria Act, Cap. N54; and The Nigerian Reinsurance Corporation Act, Cap. N131.
These have now been replaced by the Nigerian Insurance Industry Reform Act, 2025, which provides a comprehensive legal and regulatory framework for the insurance business in Nigeria.
Industry leaders describe the reform as a game changer that will reshape the landscape of insurance in the country and align it with international best practices.
Nigerian aviation story is one of the most heart-bleeding despite commendable Hon Keyamo efforts to straighten things internationally coupled with patriotism and sacrifice of Onyeana to fairly stop exploitation of Nigerians by foreign airlines and nations: Almost all talks of developing the Nigerian aviation sector center around MMA in Lagos or NAIA, Abuja. Or merely skewing development according to political inclinations! For example, not starting any part of Sam Mbakwe International Cargo Airport, Owerri to act its name and carry cargo since Federal Government designated it to be an International Cargo airport is a big shame and big example of uneven development. Even allowing foreign airlines to fly local Nigerian routes without reciprocal opportunities for Nigerian airlines abroad is a shame. In the case of Owerri, Imo and other Southeasterners, predominantly traders, must go as far as Lagos or PortHarcourt to have to clear and carry their imported air cargo in a country where sea freights get cleared in many landlocked towns in the so-called Dry Ports. Anyone talking of true aviation development in Nigeria must truthfully address discrimination and skewness which have always been the bane of Nigeria development.