NAICOM, SEC strengthen collaboration on insurance sector reforms

The National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) have pledged stronger collaboration to advance reforms in Nigeria’s insurance industry.

This commitment followed a courtesy visit by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, to the Director-General of SEC, Mr. Emomotimi Agama, at the Commission’s headquarters in Abuja on Tuesday.

Welcoming the NAICOM boss, Mr. Agama described the visit as timely, noting that it came shortly after the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu.

He said the legislation marked a new dawn for the insurance sector and expressed optimism that it would drive far-reaching reforms across the financial services industry.

In his remarks, Mr. Omosehin appreciated the SEC’s warm reception, stressing that the visit was a crucial step towards deepening cooperation between the two agencies.

He explained that the ongoing recapitalisation exercise in the insurance industry was not only about strengthening institutions but had also become a legislative mandate.

According to him, the reform seeks to reposition the industry for growth, ensure stability, and deliver better services to policyholders.

Mr. Agama assured NAICOM of SEC’s unwavering support, pledging to provide technical expertise and guidance to enhance the recapitalisation process and future reforms.

He added that the SEC’s operations were now fully digitalised and encouraged insurance operators to embrace technology to improve efficiency and accelerate sectoral transformation.

Delivering a vote of thanks, NAICOM’s Deputy Commissioner for Insurance (Technical), Dr. Usman Jankara, commended SEC for its support and urged the Commission to sustain its advisory role in strengthening Nigeria’s financial ecosystem.