NCRIB Hails Tinubu’s Insurance Law, Calls for Fast-Track Implementation

The Nigerian Council of Registered Insurance Brokers (NCRIB) has applauded President Bola Ahmed Tinubu for signing the Nigeria Insurance Industry Act into law, describing it as a game changer for the sector.

NCRIB President, Prince Babatunde Oguntade, said the reform marks a “new dawn” for the industry, with the potential to unlock growth, drive innovation, and offer stronger protection for insurance consumers across the country.

He commended the National Insurance Commission (NAICOM) and the National Assembly for their role in ensuring the passage of the bill, noting that the law provides a modern framework to regulate and supervise insurance operations in a fair and transparent manner.

According to Oguntade, the Act will lead to improved products and services, wider access to coverage, and greater security for Nigerians’ assets and livelihoods.

He, however, urged the Federal Government to ensure speedy gazetting and immediate implementation, backed by clear regulations and guidelines.

Oguntade noted that regulatory bottlenecks have long hindered the industry’s potential, but expressed optimism that the new law would remove those barriers. He called on operators to leverage the reform to position insurance as a key driver in achieving the government’s $1 trillion economy target.