Abuja, Nigeria | August 8, 2025
President Bola Ahmed Tinubu has signed into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a landmark legislation aimed at modernizing and regulating Nigeria’s insurance sector, particularly in the digital space.
Under the new Act, specifically Section 201, individuals and entities offering insurance services through online platforms are now required to obtain licensing from the National Insurance Commission (NAICOM) in order to legally operate within the country.
The Act further empowers NAICOM to impose administrative sanctions on any insurance institution found to be in breach of its provisions. This includes failure to obtain proper licensing, non-compliance with regulatory standards, or operating outside approved frameworks.
“This reform is a critical step toward ensuring greater accountability, consumer protection, and technological compliance in Nigeria’s growing digital insurance marketplace,” a senior NAICOM official stated under condition of anonymity.
The law forms part of a broader set of reforms introduced by the Tinubu administration to enhance financial sector integrity and foster innovation while protecting policyholders.
The National Insurance Commission is expected to issue implementation guidelines and timelines for compliance in the coming weeks.
