NIIRA 2025: NCRIB advocates prompt implementation of reforms
Prince Babatunde Oguntade
The Nigerian Council of Registered Insurance Brokers (NCRIB) has commended President Bola Ahmed Tinubu for signing the Nigeria Insurance Industry Act into law, affirming that the law would unlock the huge potentials of the insurance industry in the country.
The Council in a statement said that the landmark achievement was a significant milestone in the development of the insurance industry in Nigeria and demonstrates the government’s commitment to creating a more pragmatic, robust and regulated insurance sector.
While also appreciating the pivotal role played by the National Insurance Commission and the National Assembly in ensuring the passage of the law, the NCRIB president, Prince Babatunde Oguntade said the law would usher in a new era of growth, innovation, and protection for insurance consumers in Nigeria.
The Act, according to him, provides a framework for the regulation and supervision of the insurance industry, ensuring that insurance companies operate in a fair and transparent manner.
With the new law, he said that Nigerians should expect improved insurance products and services, increased access to insurance coverage, and enhanced protection for their assets and livelihoods.
In order to give effect to the law, the NCRIB President advised the Federal Government to ensure that the Act is gazetted and implemented expeditiously.
“We urge the relevant government agencies to work tirelessly to develop regulations and guidelines that will facilitate the effective implementation of the Act”.
“The Nigeria Insurance Industry Act will enable more Nigerians to access insurance products that meet their needs, providing them with financial protection and security.
Oguntade noted that it had been a regret that with the huge potentials of the insurance industry it had not been able to play its catalytic roles, partly due to regulatory inhibitions which he said had been cured by the law.
The NCRIB President advised insurance operators to take maximum advantage of the law and make it achieve the goal of making the industry a key pillars in the One Trillion Dollars economy anticipated by the Federal Government.
