The National Insurance Commission (NAICOM) and the Nigeria Police Force (NPF) have forged a strategic partnership aimed at strengthening enforcement of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and tackling widespread non-compliance in the sector.

The agreement was reached during a high-level meeting in Abuja, yesterday, between the Commissioner for Insurance, Olusegun Omosehin, and the Inspector-General of Police, Olatunji Disu, as regulators intensify efforts to restore confidence in the industry and protect policyholders.

The engagement focused on strengthening efforts to curb illegal insurance operations, enforce compulsory insurance policies, and improve market discipline through closer collaboration between regulators and law enforcement agencies.

During the meeting, Omosehin said the implementation of NIIRA 2025 represents a major turning point for the insurance industry, stressing that effective enforcement would be critical to achieving the reform’s objectives.

According to him, the new law is designed to modernise the insurance landscape, improve transparency, and strengthen consumer protection in a sector long challenged by low penetration and trust deficits.

“NAICOM cannot achieve full compliance and market discipline without strategic collaboration with enforcement agencies. The support of the Police is critical in addressing illegal operators and protecting policyholders,” he said.

In his remarks, the Inspector-General of Police assured the commission of the force’s commitment to supporting insurance reforms through coordinated enforcement actions against fraudulent operators and violators of insurance laws.

Disu said the police would provide operational and legal backing to ensure that offenders are prosecuted, while also supporting initiatives to safeguard policyholders’ rights.

Industry stakeholders described the collaboration as a significant step toward strengthening regulatory enforcement and improving public trust in the sector.

Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed, said the partnership could help address longstanding challenges associated with fake insurance certificates and non-compliance with compulsory insurance policies.

Ahmed noted that stricter enforcement would not only protect genuine policyholders but also enhance the industry’s credibility.

A senior underwriting executive said the partnership was particularly important given the rising cases of fake motor insurance and unauthorised operators exploiting unsuspecting Nigerians.

HOWEVER, the National Pension Commission (PenCom) has said that only seven states and the Federal Capital Territory are fully implementing pension reform laws, despite widespread adoption of contributory pension frameworks across the country.

The Director-General, Mrs Omolola Oloworaran, disclosed this yesterday in Abuja during the maiden edition of the bi-annual consultative session for heads of service of states yet to adopt or fully implement the Contributory Pension Scheme or the Contributory Defined Benefits Scheme.

She said: “Out of the 36 states with pension reform laws on their books, only seven states, together with the Federal Capital Territory, are fully implementing these laws.”

The session was organised to encourage dialogue with affected state heads of service and to explore practical ways in which PenCom could provide technical support for the successful adoption and implementation of pension reforms at the sub-national level.