By David Akinmola
To build around the proposed Nigerian Insurance Industry Reform Act (NIIRA), the Nigerian Council of Registered Insurance Brokers’ Lagos Area Committee (NCRIB-LAC) has concluded arrangements to prepare insurance brokers for the expected regulatory changes that could reshape the country’s insurance landscape in the country.
In a strategic move reflecting its commitment to capacity building, at a stakeholders meeting, organised by NCRIB-LAC, in Lagos, aimed at equipping insurance brokers with critical insights into the potential implications of the reform.
The forum with the theme,’ The Nigerian Insurance Industry Reform Bill 2024: The Implications for Insurance Brokers’ was facilitated by the Deputy President Nigerian Council of Registered Insurance Brokers’ Mrs. Ekeoma Ezeibe, who took the participants through the various sections of the new bill and provided answers to questions asked by the brokers.
Speaking on the focus of the forum, the Chairman of NCRIB-LAC, Oluremi Oduwole, said the theme could not have come at a better time than now, when the entire industry is quite expectant of the outcome of the law, once it is assented to by President Bola Ahmed Tinubu.
He said the law is expected to enrich the broking practice, broaden the scope of operations, but on the other hand, come with challenges that brokers must be aware of and prepare for.
The proposed NIIRA, which is expected to replace the current Insurance Act of 2003, is designed to modernise regulatory oversight, strengthen consumer protection, and improve transparency across the sector.
Key features include increased capital requirements, stricter corporate governance standards, and digitisation mandates—all of which have significant implications for brokers.
Speaking also at the forum, Legal analyst Ogunniran Akinlawon, who delivered a keynote presentation, highlighted potential shifts in broker licensing requirements and the need for compliance with revised disclosure rules. “This reform will recalibrate the dynamics of insurance intermediation in Nigeria,” he said. “Brokers must understand that the days of negligent enforcement are gone. Regulatory compliance will be non-negotiable.”
Attendees expressed confidence about the reform, with many noting that it could improve public trust in insurance and create a more level playing field for practitioners.
The NCRIB-LAC reiterated its commitment to continuous professional development, announcing plans to roll out a series of training sessions and compliance readiness audits in the months ahead.
As the NIIRA moves closer to legislative passage, industry stakeholders await its final form with keen interest, recognising its potential to transform Nigeria’s insurance industry into a more healthy, investor-friendly, and consumer-centric ecosystem.
