L-R. Mrs Yetunde Idowu; Member of the delegation, Mr. Ayeni Ayo ; Member of the delegation, Mr. Ekerete Ola Gam-Ikon Deputy Commissioner for (Finance and Administration) NAICOM, Mr. Olatubosun Mayowa; Leader of the delegation, Mr.Olusegun Ayo Omosehin; Commissioner for Insurance NAICOM and Dr Usman Jankara; Deputy Commissioner (Technical)NAICOM.
BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has reaffirmed its commitment to strengthening enforcement within Nigeria’s insurance industry and protecting consumers from unauthorized and predatory practices following a strategic engagement with the Association of Registered Insurance Agents of Nigeria (ARIAN).
The commitment was reiterated during a courtesy visit by the leadership of ARIAN, led by its President, Olatubosun Mayowa, to the Commissioner for Insurance, Olusegun Ayo Omosehin, at NAICOM’s headquarters.
During the meeting, NAICOM emphasized its resolve to uphold regulatory standards and sanitize the insurance market through firm and coordinated enforcement actions. The Commission stressed that protecting consumers and preserving market integrity remain central to its mandate.
Speaking during the engagement, Mayowa expressed ARIAN’s commitment to supporting NAICOM’s regulatory and enforcement initiatives.
He noted that the association’s grassroots presence across the country positions it to provide credible market intelligence, strengthen consumer protection, and assist in identifying and removing unscrupulous operators from the market.
As part of the outcomes of the engagement, NAICOM pledged to implement immediate and coordinated enforcement measures to tackle persistent market abuses, including unlawful rate-cutting, misrepresentation, and the mis-selling of insurance products by unlicensed entities.
Omosehin stated that such practices continue to undermine consumer confidence and threaten the stability of the insurance sector.
The Commissioner for Insurance also highlighted the importance of strengthening insurance distribution channels through proper licensing and strict compliance measures. Both NAICOM and ARIAN reaffirmed their commitment to capacity building for insurance agents and improving digital onboarding processes.
ARIAN further pledged to intensify its training programmes to increase the number of duly licensed insurance agents and support members experiencing challenges with NAICOM’s digital platforms.
To boost public awareness, Omosehin disclosed that the Commission would spearhead joint media and consumer education campaigns aimed at helping Nigerians identify genuine motor insurance policies, verify licensed insurers, and report suspected fraud or mis-selling through official channels.
Both organizations also agreed to sustain regular operational engagements and periodic reviews to ensure effective implementation of agreed actions and strengthen transparency within the insurance industry.
Reiterating NAICOM’s broader policy direction, the Commissioner stressed the need to promote healthy and transparent distribution networks to encourage legitimate participation and deepen insurance penetration nationwide.
He warned that the Commission would act decisively against all forms of infractions, emphasizing that unlicensed entities must not underwrite regulated insurance products.
Omosehin also urged Nigerians to remain vigilant by verifying the licensing status of insurers, reviewing policy documents carefully, and promptly reporting suspicious activities, including forged documents, unauthorized sellers, and unusually low premiums, through NAICOM’s official complaint channels.
