Speaking at the official lunch of the scheme, Olusegun Ayo Omosehin Commissioner for Insurance/Chief Executive, NAICOM, said the commission will provide the regulatory backing, ensuring that every policy issued under it is underwritten by companies licensed and supervised by the Commission, and by no one else.

The commissioner who was represented  by the Deputy Commissioner for Insurance, Finance and Administration Mr. Ekerete Ola Gam-Ikon, said “We will support Lagos State in the fight against fake certificates and unlicensed operators, because a compulsory scheme is only as strong as the integrity of the cover behind it.

“The Commission will support and insist upon a scheme architecture that is open, transparent, competitive, and accessible to all insurance operators duly licensed by the National Insurance Commission, Nigeria.

He added that “No compulsory insurance framework of this significance should be structured in a manner that excludes qualified licensed operators, creates undue monopoly, restricts fair market participation, or denies the insuring public the benefit of choice, capacity, innovation, and service competition.

“The role of the regulator is to protect the policyholder, preserve market integrity, and ensure that every eligible operator who meets the Commission’s licensing, solvency, conduct, and claims-payment standards is given a fair opportunity to participate.

“We will treat this Scheme as a national reference point. If it succeeds here, and it must, it becomes the template by which other States across the Federation can protect their own citizens. Lagos, as so often, is lighting the path.

“This is about people. It is about the market trader in Alakija, the family in Lekki, the worshipper, the tenant, the child asleep in a building that its owner did not think to insure.

”The measure of this Scheme will not be the size of the ceremony we hold today. It will be the number of Lagosians who, on the worst day of their lives, discover that they are not alone and that there is cover, and there is recovery.”

He commended  the vision and the courage of Governor Babajide Sanwo-Olu, and the diligence of the Office of the Special Adviser on e-GIS and Urban Development in bringing us to this day.

He reassured that the Commission stands firmly with the Government and people of Lagos State in this historic step for the safety of our people.

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This landmark legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. With enhanced oversight, transparency, and accountability, the Bill will deepen public confidence, attract investment, and promote sustainable growth that benefits policyholders, operators, and the broader economy.

NAICOM acknowledges the vision, dedication, and collaborative spirit demonstrated by the Senate leadership and Senator Abiru in championing reforms that will modernize insurance regulation and advance financial inclusion in Nigeria. Their commitment underscores the importance of this achievement for the protection of citizens and the stability of the financial sector.

The Commission reaffirms its readiness to ensure the effective implementation of the provisions of the new law once signed, and to continue working closely with all stakeholders to position the insurance industry as a catalyst for national development.

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If enacted, the proposed law will establish an Insurance Regulatory Commission and repeal the existing legislation that established the National Insurance Commission (NAICOM).

Under the proposed framework, the new regulatory body would be responsible for providing guidance to the Federal Government on policies concerning natural disaster risks and other important issues affectcing the insurance sector.

The bill was sponsored by the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru (APC, Lagos East).

Presenting the report, Abiru said “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business.”

“Despite its the commission’s vsignificant contributions, the enabling law has become obsolete, failing to align with current realities and global best practices, and unable to keep pace with the evolving nature of the insurance industry, exposing numerous gaps in the law and necessitating urgent amendments,” he said.

Regarding administrative leadership, Abiru explained that the draft law outlines precise criteria for director appointments, guaranteeing that solely qualified specialists with backgrounds in risk mitigation, law, financial systems, corporate management, and underwriting obtain leadership seats.

He noted further that this updated statute equips the agency to offer enhanced strategic guidance and supervisory control, driving the expansion of the nation’s coverage market

The post Senate Passes Bill to Rename NAICOM as Insurance Regulatory Commission appeared first on Business Today NG.

The licence was presented at a formal ceremony by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, who said the approval aligns with the Commission’s strategic priorities of consumer protection, stronger regulatory capacity, financial soundness, innovation, sustainability and increased insurance inclusion.

Omosehin noted that technology-driven solutions and alternative distribution channels are critical to addressing Nigeria’s low insurance penetration rate. He said digital platforms have the potential to reach underserved communities, particularly young people who primarily access services through mobile devices, making insurance products more accessible, affordable and inclusive.

According to the Commissioner, insurtech companies play a vital role in advancing NAICOM’s innovation and financial inclusion agenda, adding that the Commission remains committed to fostering collaboration with licensed innovators while maintaining robust regulatory oversight to protect consumers and ensure the stability of the insurance industry.

During the ceremony, Omosehin formally presented the Partnering Insurtech licence to NETAPPS, recognising the company as an authorised innovator within Nigeria’s insurance distribution ecosystem.

With the licence, NETAPPS is expected to deploy its digital capabilities to broaden access to insurance products, strengthen partnerships with licensed insurers and intermediaries, and operate in full compliance with the Commission’s regulatory framework.

NAICOM said the move reflects its continued efforts to modernise Nigeria’s insurance industry by encouraging innovation, promoting digital transformation and expanding insurance coverage to more Nigerians.

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The Managing Director and Chief Executive Officer of the company, Nelson Akerele, disclosed this during a recent media briefing while addressing the firm’s capital positioning and compliance with the National Insurance Commission (NAICOM).

According to Akerele, Enterprise Life—which entered the Nigerian market approximately five years ago alongside peers like Heirs General and Heirs Life—has progressively built on its foundational capital structure to satisfy current regulatory thresholds.

“We started with ₦8 billion,” Akerele stated, recalling the company’s entry as one of the four entities licensed in that licensing wave. “What we have as a statutory deposit right now, as I speak, is ₦1 billion, which has been fully remitted to the designated account assigned to us.”

Beyond meeting the statutory deposit mandate, the Enterprise Life boss revealed that the company has fully satisfied its Minimum Capital Requirement (MCR).

He attributed this seamless compliance to a deliberate operational strategy that favors liquid assets over heavy fixed investments.

Unlike traditional players with massive capital tied up in real estate, Enterprise Life has maintained an agile, cash-ready balance sheet.

“We are not heavy in terms of buildings and all that; our assets are held in liquid form—in cash and cash equivalents,” Akerele emphasized. “We are an extremely liquid company.”

This cash-heavy asset strategy positions the insurer to promptly meet its obligations, match underwriting risks effectively, and settle policyholders’ claims without the delays often associated with liquidating physical property.

The announcement comes at a critical time when NAICOM continues to emphasize stricter solvency and liquidity management across the Nigerian insurance ecosystem to boost public confidence in the sector.

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