INTRODUCTION
In a move to modernize Nigeria’s Insurance landscape, President Bola Ahmed Tinubu signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law.
The NIIRA 2025, assented to on August 5, 2025, repeals the Insurance Act, Cap. 117, Laws of the Federation of Nigeria 2004, Marine Insurance Act, Cap M2, Laws of the Federation of Nigeria 2004, Motor Vehicles (Third-Party Insurance) Act, Cap M22, Laws of the Federation of Nigeria 2004, National Insurance Corporation of Nigeria Act, Cap. N54, Laws of the Federation of Nigeria 2004, and Nigeria Reinsurance
Corporation Act, Cap. N131, Laws of the Federation of Nigeria 2004, consolidating them into one statute.
Building upon and repealing the consolidated acts, this new legislation introduces several pivotal provisions designed to enhance regulation, foster financial stability, boost consumer protection, and expand the industry’s reach. After about two decades, the NIIRA Act 2025 is poised to usher in a new era of innovation, transparency, and global competitiveness for Nigeria’s insurance sector.
This article explores the key provisions of the new Act in comparison with the repealed Act and examines their implications for the Nigerian Insurance Industry.
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