By Oluyemi Israel
Senator Adetokunbo Abiru stated that the signing of the Nigerian Insurance Industry Reform Bill into law, now known as the Nigerian Insurance Industry Reform Act (NIIRA), 2025, represents a significant advancement in transforming the country’s insurance sector and boosting the economy.
He made this announcement in Abuja on Wednesday, shortly after President Bola Tinubu signed the bill into law.
Abiru, who chairs the Senate Committee on Banking, Insurance, and Other Financial Institutions, explained that the new law aligns with the Federal Government’s Renewed Hope Agenda.
Its goals include modernizing outdated insurance laws, protecting policyholders, and strengthening investor confidence.
According to him, the Act consolidates several old laws into one modern framework.
It increases capital requirements for insurers, enforces compulsory insurance, supports digital operations, ensures faster claim payments, and grants the National Insurance Commission (NAICOM) greater regulatory authority.
He added that these reforms are expected to attract investment, create jobs, and enhance financial inclusion throughout Nigeria.