Deputy Spokesperson of the House of Representatives, Hon. Philip Agbese, has said President Bola Ahmed Tinubu’s insurance reforms are repositioning the sector to play a more strategic role in Nigeria’s economic transformation.

Agbese, a Labour Party lawmaker from Benue State, also described Tinubu as the “father of modern insurance reforms” in Nigeria, saying the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 was strengthening the industry and helping to restore international confidence in the Nigerian economy.

Speaking in an interview yesterday, the lawmaker said the enactment and implementation of NIIRA represented a major step towards repositioning the insurance industry to meet contemporary economic realities.

According to him, the new law provides the legal and regulatory foundation for building a stronger, more competitive and financially resilient insurance industry capable of supporting sustainable economic growth.

He said the renewed emphasis on capital adequacy, sound corporate governance, consumer protection and improved regulatory oversight would enhance confidence among policyholders, investors and international business partners.

“A credible insurance industry is critical to attracting long-term investment, protecting businesses and individuals against risks and providing the financial backing required for infrastructure and other productive activities,” Agbese said.

The lawmaker noted that the reform was particularly significant because it consolidated Nigeria’s insurance laws while introducing a more flexible framework capable of responding to changes in the domestic and global insurance markets.

He said the ongoing implementation of NIIRA was already producing measurable changes, pointing to the completion of the industry’s recapitalisation exercise, which the National Insurance Commission (NAICOM) said had strengthened operators’ financial resilience and attracted domestic and foreign investment.

Agbese commended the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, for what he described as effective leadership in translating the provisions of NIIRA into practical regulatory reforms.

He said Omosehin’s emphasis on transparency, policyholder protection, sound market conduct and stronger capitalisation was helping to rebuild confidence in the insurance industry and position it for greater contribution to national economic development.

NAICOM’s reform agenda under NIIRA focuses on market conduct, policyholder protection, corporate governance and financial inclusion, among other areas.

Agbese also commended the commission for completing the recapitalisation exercise in a structured and verifiable manner, noting that NAICOM had reported that 43 insurance and reinsurance companies had met the prescribed minimum capital requirements, while some additional firms were undergoing final verification.

He urged the commission to sustain its engagement with industry operators and other stakeholders while ensuring that stronger capitalisation translates into better services, prompt claims settlement, innovation and wider insurance penetration.

The lawmaker also commended the National Assembly for providing the legislative framework for the transformation, stressing that the enactment of NIIRA demonstrated the legislature’s commitment to creating laws that respond to the changing needs of the Nigerian economy.

“The continued collaboration between the National Assembly, the executive, NAICOM and industry stakeholders will be necessary to ensure effective implementation of the Act and maximise its benefits for Nigerians and the wider economy,” Agbese added.