NAICOM Reaffirms Commitment To Reducing Regulatory Uncertainty In Insurance Sector
By Sunday Etuka
The National Insurance Commission (NAICOM) has reaffirmed its commitment to continued reduction of regulatory uncertainty, and compressed decision timelines in the nation’s insurance sector.
This is just as it pledged to collaborate with sister regulators to eliminate duplications that slow product deployment or raise costs for consumers.
Commissioner for Insurance/CEO, NAICOM, Mr. Ayo Omosehin, made this commitment while speaking at the 2026 Edition of the Insurance Forum, organised by the Nigerian Association of Insurers in Lagos.
Mr. Omosehin, who spoke on a theme, “Regulation with Purpose: Building Trust, Unlocking Growth,” said the forum was timely and essential, as it brought together the leadership of banking, insurance, capital markets, pensions, asset management, fintech, professional services, and the wider real economy to move from diagnosis to coordinated action.
He underscored the need to convert the low penetration and limited public confidence in the insurance sector into inclusive growth, resilience, and relevance for households, MSMEs, and national development.
The NAICOM boss told the gathering that the role of the Commission was not merely to supervise after the fact, but to shape an environment where good firms thrive, customers are treated fairly, and long-term capital forms around stable, insurable risks.
While noting that that the transformation of the sector started before Nigerian Insurance Industry Reform Act (NIIRA) 2025, Mr Omosehin said the new Insurance Reform Act provided the impetus to scale the transformation.
Noting that with the NIIRA 2025 now in force, the industry has a once in a generation opportunity to modernise the rulebook, raise governance and prudential standards, accelerate digitisation, and expand access.
Mr. Omosehin disclosed that the Commission’s regulatory agenda would focus on five mutually reinforcing priorities: Financial soundness, Governance & Compliance, Consumer fairness, Market conduct &practices, and Innovation & digitization.
He mentioned that effective regulation is abalance, not a tradeoff, adding that it requires a delicate balance between enforcement, compliance and growth: Firm where it matters, Flexible where it helps, and Faster where it counts.
Speaking on insurance penetration, he said penetration improves where trust is consistent.
“That means pricing that reflects risk and is explained clearly; claims that are paid fully and on time; complaints that are resolved; and data that are secure. We will publish comparable market conductmetrics—turnaround times, claims ratios, and complaint outcomes—so customerscan choose with confidence and firms can compete on service, not slogans,” he added.
Acknowledging that no single institution coulddeliver the sector transformation, the Commissioner for Insurance, stressed theneed for alignment.
“We must align the entire value chain: Withoperators: to codesign practical rules,modernise agency and brokerage models, and combat fraud.
“With the Financial & Professional services ecosystem —banks, mobile money operators, telcos, pension funds,capital markets—to mainstream premium financing, embedded and bundledprotection, and riskbased infrastructure financing.
“With policymakers to align policies and reforms that expand insurable risks and create investible pools. With consumer associations to elevate financial literacy, mediation, and redress,” he added.
Going forward, he said the NAICOM would publish a phased riskbased capital and governance roadmap with proportionality for smaller and specialist players.
He said the Commission would strengthen cross regulator coordination with the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Federal Competition and Consumer Protection Commission (FCCPC) to streamline approvals.
“Regulation can set the floor and thetempo—but transformation requires discipline and partnership across theecosystem,” he noted.
Omosehin said the Commission’s longterm visionis a stronger, more competitive, and more developmental insurance market: one that protects Nigerians through life’s shocks, mobilises longterm savings into productive investment, and underwrites the country’s ambition to be Africa’smost dynamic financial hub.
