By Anita Dennis
The National Insurance Commission (NAICOM) has pledged strict enforcement of Nigeria’s revised insurance regulations, warning that unlicensed operations, ethical breaches, and failure to remit premiums will attract serious consequences.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, gave the warning at the opening of the 2026 National Insurance Brokers Conference and Exhibition in Abuja. Organised by the Nigerian Council of Registered Insurance Brokers (NCRIB), the conference focused on ‘Insurance: Infrastructure Financing and National Development Agenda.’
Mr. Omosehin described the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) as a major shift in the industry’s regulatory framework. He said the law was designed to strengthen insurers’ financial positions, improve market conduct, protect policyholders and expand insurance penetration.
For insurance brokers, the legislation introduces stricter accountability requirements and higher licensing standards, while creating opportunities to expand professional services. Mr. Omosehin said NAICOM would enforce the provisions firmly to protect consumer confidence and strengthen discipline across the market.
He highlighted the importance of brokers as intermediaries between policyholders and underwriters, noting their role in explaining complex risks, advising clients and negotiating claims. Their expertise, he said, is particularly relevant to infrastructure projects spanning transport, energy, real estate and industrial development, where effective risk assessment and transfer can help protect investments.
The commissioner also urged brokers to adopt digital platforms and insurance technology solutions. He noted that NIIRA formally recognises digital, electronic and web-based insurance channels, creating opportunities to widen market access and improve customer experience.
The law also strengthens provisions for compulsory insurance and institutional investment, linking the sector more closely to Nigeria’s infrastructure financing needs. Mr. Omosehin urged brokers to become “capital catalysts” by advising project sponsors, contractors and financiers on the insurance requirements and risks associated with major infrastructure assets.
He argued that addressing infrastructure deficits requires sustainable risk management and greater participation by domestic capital. Insurance companies, he said, could contribute through pooled funds, infrastructure bonds and tailored risk guarantees.
Mr. Omosehin called on the NCRIB and its members to build partnerships across banking, energy, manufacturing and public infrastructure. He also pledged NAICOM’s support for professional development, stronger market discipline and industry expansion.
However, the impact of the revised framework will depend on consistent enforcement, compliance by market operators and improved service to policyholders. Stronger regulation alone will not guarantee wider insurance coverage unless consumers have confidence that policies deliver the protection promised.
“Let us work together to build an industry that commands public trust, delivers value to policyholders and contributes meaningfully to Nigeria’s economic aspirations,” Mr. Omosehin said.
