The National Insurance Commission (NAICOM) has reaffirmed its determination to enforce the NIIRA 2025 framework and shield Nigerian insurance consumers from unauthorized and predatory practices, following a high-level engagement with the Association of Registered Insurance Agents of Nigeria (ARIAN).
The pledge came during a courtesy visit by ARIAN’s leadership to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at NAICOM’s headquarters. The delegation was led by ARIAN President, Mr. Olatubosun Mayowa.
At the meeting, NAICOM made clear its intention to uphold regulatory standards and clean up the insurance market through decisive, coordinated enforcement. The Commission stressed that consumer protection and market integrity are at the core of its mandate.
Speaking on behalf of his association, Mr. Mayowa affirmed ARIAN’s readiness to back NAICOM’s regulatory drive. He pointed to the association’s nationwide grassroots network as a valuable asset for generating credible market intelligence, advancing consumer protection, and helping to root out bad actors within the industry.
Both parties agreed on the need for immediate and coordinated enforcement action to tackle entrenched market abuses — among them unlawful rate-cutting, misrepresentation, and the mis-selling of insurance products by unlicensed entities. The Commissioner for Insurance (CFI) warned that such practices erode consumer confidence and threaten the stability of the broader insurance sector.
The CFI also stressed the need to reinforce distribution channels through stricter licensing and compliance measures. On this front, both organizations pledged to invest in capacity building for insurance agents and to streamline digital onboarding.
Mr. Mayowa committed to ramping up training programmes to grow the pool of duly licensed agents and to support members struggling with NAICOM’s digital platforms.
To boost public awareness, Omosehin announced that the Commission would spearhead joint media and consumer education campaigns to help Nigerians identify genuine motor insurance policies, verify licensed insurers, and report fraud or mis-selling through official channels.
Both organizations agreed to maintain regular operational engagement and periodic reviews to track progress on agreed actions.
The CFI reiterated NAICOM’s broader policy goal of fostering transparent and healthy distribution networks, a key lever for encouraging legitimate market participation and deepening insurance penetration across Nigeria.
Omosehin issued a stern warning that the Commission would act swiftly against any infraction, stressing that unlicensed entities have no business underwriting regulated insurance products. He affirmed that NAICOM stands ready to deploy its full regulatory and legal authority to protect consumers and preserve the integrity of the insurance industry.
He also called on members of the public to stay vigilant, urging Nigerians to verify that their insurers are NAICOM-licensed, scrutinize policy documents and agent credentials, and promptly report suspicious activity such as unauthorized sellers, forged documents, or suspiciously low premiums through NAICOM’s official complaint channels.