A parliamentary group and a civil society organisation have backed the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, saying reforms introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 are taking root and reshaping the insurance sector.

The Parliamentary Support Network, speaking at a world press conference in Abuja on Thursday, said the implementation of NIIRA had recorded significant steps in recapitalisation, policyholder protection and enforcement of compulsory insurance.

The group commended Omosehin for his role in implementing the reforms, describing his more than three decades of experience in underwriting, risk management, corporate restructuring and insurance administration as relevant to the task before the regulator.

“We also recognise the role being played by the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr Olusegun Ayo Omosehin, in the implementation of the reforms,” the group said.

“The Parliamentary Support Network therefore considers his industry experience relevant to the task before NAICOM at a time when the sector is undergoing significant regulatory and structural change,” it added.

The network also commended  President Bola Ahmed Tinubu and the National Assembly for the enactment of NIIRA 2025, which repealed and consolidated earlier insurance laws and introduced provisions covering minimum capital, risk-based supervision, corporate governance, consumer protection and regulatory enforcement.

“We commend President Bola Ahmed Tinubu and the National Assembly for their roles in the passage and enactment of NIIRA 2025,” the group said.

It noted that the new law provides a unified legal framework while strengthening the regulator’s capacity to respond to emerging risks and protect policyholders, including through the Insurance Policyholders Protection Fund.

The group cited the completion of the 12-month recapitalisation exercise as a major milestone in the implementation of the Act. NAICOM announced in August that 43 insurance and reinsurance companies had successfully met the prescribed minimum capital requirements, while eight others that submitted evidence shortly before the deadline were undergoing final verification.

The network said the recapitalisation had the potential to strengthen the financial resilience of operators and enhance their capacity to underwrite larger and more sophisticated risks across strategic sectors of the economy.

It also cited the commencement of the Insurance Policyholders Protection Fund and the October 2025 inauguration of a joint committee between NAICOM and the Federal Road Safety Corps to strengthen enforcement of compulsory third-party motor insurance as further evidence that the reform was moving beyond legislation.

“Since the commencement of NIIRA, there have been visible steps towards putting its provisions into effect,” the network said.

“These developments indicate that NIIRA is moving from legislation to implementation,” it added.

The group, however, acknowledged that the recapitalisation requirements had generated disagreements between the regulator and some operators over fees, compliance and interpretation of provisions of the new law.

It said such disputes should be resolved through evidence, due process and institutional accountability, stressing that while no company should be above regulation, regulators must also remain subject to scrutiny.

“No company should be above regulation. At the same time, no regulator should be above scrutiny. The appropriate response to disagreement is evidence, due process and institutional accountability,” it said.

The network referred to the dispute involving NICON Insurance Plc and Nigeria Reinsurance Corporation, which have challenged aspects of the recapitalisation process and their regulatory status.

The two companies have disputed fees and other regulatory requirements arising from the exercise. In August, the Federal Ministry of Finance directed NAICOM to suspend enforcement of about N680 million in disputed fees imposed on the two companies pending consideration of their petition.

NAICOM has maintained that the recapitalisation exercise was conducted in accordance with NIIRA 2025 and its implementation guidelines. The Commission has also rejected allegations of wrongdoing linked to the exercise, saying requests by the Economic and Financial Crimes Commission (EFCC) for information should not be interpreted as evidence of indictment or culpability.

The Parliamentary Support Network said allegations arising from the recapitalisation exercise should therefore be independently investigated and determined through due process rather than media exchanges.

“We believe the allegations should be subjected to proper investigation and due process rather than trial by media,” it said.

It added that petitions to law-enforcement agencies should not become a mechanism for frustrating implementation of a law duly enacted by the National Assembly and assented to by the President.

In its recommendations, the network urged all insurance operators to comply with NIIRA 2025 and called on NAICOM to continue applying the law transparently, consistently and without discrimination.

It also urged the EFCC to independently examine any properly lodged allegations while stressing that policyholder protection should remain central to the implementation of the reforms.

“NAICOM should continue to apply the law transparently, consistently and without discrimination. Regulatory decisions should be supported by clear documentation and communicated appropriately to affected stakeholders,” the group said.

The network urged stakeholders, including insurance operators, government institutions and professional bodies, to support the implementation of NIIRA 2025 and allow the reforms to deliver their intended objectives.

It said the industry could emerge stronger and more resilient if stakeholders combined regulatory discipline with respect for due process and accountability.

“With institutional discipline and respect for the law, the Nigerian insurance industry can emerge stronger, more resilient and better positioned to serve the Nigerian economy,” the group concluded.