Omosehin Urges New CIIN President Orimolade to Drive Ethics, Innovation Amid Insurance Reforms

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has challenged the Chartered Insurance Institute of Nigeria (CIIN) to intensify its commitment to professionalism, ethical conduct and innovation as Nigeria’s insurance industry enters a new phase of far-reaching reforms.
Omosehin gave the charge during the investiture of Mr. Akinjide Orimolade, ACII, FIIN, as the 53rd President and Chairman of the Governing Council of the Chartered Insurance Institute of Nigeria (CIIN), describing the occasion as a defining moment for the insurance profession.
According to the Commissioner, the industry’s future will depend largely on the quality of leadership, the competence of professionals and their unwavering commitment to serving the public interest.
He said the transition in leadership comes at a critical period when the insurance sector is implementing significant regulatory reforms aimed at strengthening institutions, protecting policyholders and expanding insurance penetration across Nigeria.
Omosehin paid glowing tribute to the immediate past President of CIIN, Mrs. Yetunde Olubunmi Ilori, applauding her visionary leadership and dedication to advancing the institute’s reputation as Nigeria’s foremost professional body for insurance practitioners.
He also congratulated the new President, expressing confidence that Orimolade’s wealth of experience, professional accomplishments and passion for continuous learning would provide the leadership needed to navigate the changing landscape of the insurance industry.
Three Strategic Priorities
The Commissioner urged the new CIIN leadership to concentrate on three strategic areas that will shape the future of the profession.
First, he called for greater emphasis on professionalism and ethical standards through enhanced professional practice, sound ethical judgment and continuous professional development that aligns with the Commission’s regulatory expectations.
Secondly, he stressed the need to develop the next generation of insurance professionals by expanding mentorship programmes, leadership development initiatives and stronger engagement with universities and other tertiary institutions.
Thirdly, Omosehin encouraged the institute to champion innovation and rebuild public confidence by equipping insurance professionals with competencies in digital transformation, data-driven underwriting, cybersecurity and inclusive insurance distribution.
Recapitalisation Deadline Approaches
Speaking on the ongoing transformation of the insurance industry, Omosehin said the Nigerian Insurance Industry Reform Act, 2025 has laid the foundation for a more resilient, transparent and customer-focused market.
He explained that NAICOM’s reform agenda prioritises improved market conduct, stronger corporate governance, enhanced policyholder protection and greater financial inclusion.
The Commissioner noted that the industry’s recapitalisation programme remains a cornerstone of the reform process, adding that insurers must take the exercise seriously as the July 31, 2026 deadline draws closer.
With only 14 days remaining before the deadline, he acknowledged operators that have made appreciable progress while reminding all insurance companies that the timetable remains firm and will not be extended.
Omosehin maintained that stronger capitalisation should not merely satisfy regulatory requirements but must translate into improved service delivery, prompt claims settlement, enhanced consumer protection and increased public confidence in the insurance sector.
He reaffirmed NAICOM’s commitment to conducting the recapitalisation exercise in a transparent, fair and consistent manner while sustaining collaboration with CIIN to promote professionalism and strengthen consumer trust.
CIIN’s Critical Role
The Commissioner also outlined the important role expected of CIIN in supporting compliance with the Commission’s reforms.
He urged the institute to translate regulatory expectations into professional competence through continuous professional development programmes, compliance education and specialised training for boards and senior executives.
He further encouraged CIIN to reinforce ethical standards and market discipline by promoting fair treatment of policyholders, prompt settlement of genuine claims and adherence to best practices across the industry.
In addition, Omosehin called on the institute to assist NAICOM in identifying compliance gaps within the industry and provide professional insights that would facilitate effective implementation of ongoing reforms.
Building a Trusted Insurance Industry
Concluding his address, the Commissioner congratulated Mr. Akinjide Orimolade on his emergence as the 53rd President of CIIN, expressing optimism that his tenure would further elevate the standards of the insurance profession.
He emphasised that achieving a vibrant, trusted and globally competitive Nigerian insurance industry would require stronger capital, higher ethical standards, responsible innovation and professionals who recognise that insurance is fundamentally a promise to protect the public.
Omosehin assured the institute of NAICOM’s continued regulatory support and partnership in building a resilient insurance industry capable of inspiring greater confidence among Nigerians while contributing meaningfully to national economic development.