NAICOM and ARIAN Strengthen Partnership to Enforce NIIRA 2025, Protect Insurance Consumers

L-R. Mrs Yetunde Idowu; Member of the delegation, Mr Ayeni Ayo ; Member of the delegation, Mr Ekerete Ola Gam-Ikon Deputy Commissioner for (Finance and Administration) Insurance National Insurance Commission, Mr Olatubosun Mayowa; Leader of the delegation, Mr Olusegun Ayo Omosehin; Commissioner for Insurance National Insurance Commission and Dr Usman Jankara; Deputy Commissioner (Technical)National Insurance Commission. 

The National Insurance Commission (NAICOM) has reaffirmed its commitment to strengthening the enforcement of the NIIRA 2025 framework and protecting Nigerian insurance consumers from unauthorised and predatory practices, this follows a strategic engagement with the Association of Registered Insurance Agents of Nigeria (ARIAN).

This position was emphasised when the leadership of ARIAN, led by its President, Mr Olatubosun Mayowa, paid a courtesy visit to the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, at the Commission’s headquarters.

NAICOM underscored its resolve to uphold regulatory standards and sanitise the insurance market through firm and coordinated enforcement actions. The Commission reiterated that safeguarding consumers and preserving market integrity remain central to its mandate.

In his remarks, the ARIAN President expressed the Association’s commitment to supporting NAICOM’s regulatory and enforcement initiatives. He noted that ARIAN’s grassroots presence across the country positions it to provide credible market intelligence, enhance consumer protection, and support the identification and removal of unscrupulous operators.

As part of the outcomes of the engagement, NAICOM expressed commitment to implement immediate and coordinated enforcement measures to address persistent market abuses, including unlawful rate-cutting, misrepresentation, and the mis-selling of insurance products by unlicensed entities. The CFI emphasised that such practices undermine consumer confidence and the stability of the insurance sector.

The CFI further highlighted the importance of strengthening distribution channels through proper licensing and compliance. In this regard, both parties reaffirmed their commitment to capacity building for insurance agents and enhanced digital onboarding processes. The President of ARIAN also pledged to intensify its training programmes to increase the number of duly licensed agents and assist members experiencing challenges with NAICOM’s digital platforms.

To enhance public awareness, Mr Omosehin said the Commission will lead joint media and consumer education initiatives aimed at enabling Nigerians to identify genuine motor insurance policies, verify licensed insurers, and report suspected fraud or mis-selling through official channels. Both organisations agreed to sustain regular operational engagement and periodic reviews to ensure effective implementation of agreed actions.

The CFI reiterated the Commission’s broader policy direction of promoting healthy and transparent distribution networks as a means of encouraging legitimate participation in the market and deepening insurance penetration nationwide.

The Commissioner for Insurance stressed that the Commission will act decisively against any form of infraction, noting that unlicensed entities must not purport to underwrite regulated insurance products. He affirmed that NAICOM will deploy the full weight of its regulatory and legal authority to protect consumers and uphold the integrity of the insurance industry.

He further urged the public to remain vigilant by verifying that insurers are duly licensed by NAICOM, carefully reviewing policy documents and agent credentials, and promptly reporting suspicious activities including unauthorised sellers, forged documents, or unusually low premiums through NAICOM’s official complaint channels.