Reps pass Insurance reform bill
NASS
Abdullateef Fowewe
The House of Representatives, on Wednesday, passed the Nigerian Insurance Industry Reform Act Bill, 2025 (SB. 393).
According to the House of Representatives Releases Order Paper, Office of the House Spokesman for Wednesday, March 12, 2025 obtained by Dailyeconomy, the Bill was presented by Hon. Julius Ihonvbere, Owan Federal Constituency.
Part of the day’s Bills was the Bill for an Act to Repeal the Insurance Act, Cap. I 17, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap. M3, Laws of the Federation of Nigeria, 2004; the Motor Vehicle (Third Party) Insurance Act, Cap. M22, Laws of the Federation of Nigeria, 2004; the National Insurance Corporation of Nigeria, Act, Cap. N54, Laws of the Federation of Nigeria, 2004; the Nigerian Reinsurance Corporation Act, Cap. N131, Laws of the Federation of Nigeria, 2004 and Enact the Nigerian Insurance Industry Reform Act, 2005 to Provide for a Comprehensive Legal and Regulatory Framework for Insurance Business in Nigeria and for Related Matters (SB. 393).
In December 2024, the Senate passed the 2024 Nigerian Insurance Industry Reform Bill, marking a major move for the insurance and reinsurance companies to get new operating capital base.
This Bill, which comprises of many regulations to transform different aspects of the Nigerian Insurance Industry, followed the adoption of the report by the Committee on Banking, Insurance, and other Financial Institutions.
The minimum capitals required for life, non-life and reinsurance businesses were raised to 10bn, N15bn , and N35bn respectively, from previous capitals of N2bn, N3bn and N10bn the operators had worked with since the last recapitalization exercise in 2007.
After scaling the necessary legislative readings, if given presidential approval, the operators will be operating with new capitals.
