The National Insurance Commission (NAICOM) and the brokers’ body have agreed to deepen cooperation as the sector prepares for sweeping regulatory changes and a push to expand coverage among households and businesses in the country.
At a meeting between the regulator and a delegation from the Nigerian Council of Registered Insurance Brokers (NCRIB), the two institutions discussed aligning strategies to implement the Nigerian Insurance Industry Reform Act (NIIRA) 2025, strengthen market discipline and broaden awareness of insurance benefits among Nigerians.
Speaking at the meeting, the Commissioner for Insurance, Segun Omosehin, commended NCRIB’s role in promoting professionalism and compliance among brokers, describing the body as a key partner in the effort to make insurance more relevant to Nigerians.
He urged the council to work closely with the commission to ensure the new reform law translates into tangible gains for policyholders and investors, adding that enforcement of its provisions would determine its success.
According to a statement by the commission, the CFI noted that with the recapitalisation deadline and the 2026 digitalisation regulation on the horizon, collaboration with brokers is critical for building public confidence and a stronger intermediary network capable of driving penetration across retail and corporate segments.
NCRIB’s President, Prince Babatunde Oguntade, in his remarks, affirmed that brokers had benefited from the regulator’s guidance in recent years and were increasingly committed to compliance.
He highlighted ongoing plans by the council to establish a hub promoting ethical conduct and consumer trust, adding that a “stronger market is a healthier market.”
Also, the Vice President, Ekeoma Ezeibe, who will be formally inducted as NCRIB President on October 24, pledged to consolidate on her predecessor’s achievements and sustain constructive engagement with the commission.
She commended the commissioner’s leadership and stressed the importance of steady regulation and market professionalism to support market growth.
Closing the session, the commissioner lauded the outgoing leadership of NCRIB for its contributions to industry stability and urged the incoming executives to maintain an active role in advancing reforms, boosting consumer confidence, and positioning insurance as a tool for economic resilience.
