NAICOM seeks stronger collaboration with NCRIB on NIIRA 2025 implementation

The National Insurance Commission (NAICOM) has called for deeper collaboration with the Nigerian Council of Registered Insurance Brokers (NCRIB) in advancing the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

In extending the invitation, NAICOM urged the Council, under the leadership of Ekeoma Ezeibe, the 63rd President of the NCRIB, to play an active role in driving reforms aimed at strengthening the insurance sector, enhancing regulatory compliance, and promoting sustainable growth.

Segun Omosehin, commissioner for Insurance, who made the call during the investiture of Ezeibe held in Lagos, reaffirmed the Commission’s openness to dialogue and its commitment to harmonizing the roles of all industry stakeholders for the collective progress of Nigeria’s insurance ecosystem.

Omosehin described Ezeibe’s emergence as the third female President in the 63-year history of the Council as a powerful symbol of progress and inclusion. He noted that her journey reflects quiet strength and strategic impact, both within the NCRIB and across the broader insurance industry.

He emphasized that in today’s dynamic environment, brokers must evolve to meet emerging risks by providing client-first risk advisory rather than product-driven solutions; ensuring transparent placements with clear wordings and quality coverage; leading claims processes with data-driven, empathetic approaches; expanding inclusion through affordable microinsurance for underserved sectors; and leveraging digital tools to reduce costs while maintaining ethical standards.

“I urge the Council to professionalise these capabilities through training, peer review, and accountability,” he said, adding that the reputation of the market is inseparable from the reputation of its brokers.

According to him, NAICOM’s priorities are clear, which are to foster innovation, protect policyholders, and build public confidence.

“For brokers, our regulatory focus includes aligning governance and financial requirements with business operations; ensuring transparency, suitability, and fairness, especially during claims; and making placement quality and client outcomes measurable, among others,” Omosehin stated.