Tinubu Signs Insurance Reform Bill Into Law, Targets $1trn Economy – The Reflector Newspaper
Friday, August 29, 2025
  • About
  • Advertise
  • Careers
  • Contact
The Reflector Newspaper
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology
  • Login
No Result
View All Result
The Reflector Newspaper
Home Economy

Tinubu Signs Insurance Reform Bill Into Law, Targets $1trn Economy

Ifeanyi Uzoechiena by Ifeanyi Uzoechiena
August 5, 2025
in Economy, Featured
0
FG Converts Gombe Hospital To Federal Medical Centre
0
SHARES
48
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsAppShare on TelegramSend to Email

President Bola Tinubu has assented to the Nigerian Insurance Industry Reform Bill, 2025 — a landmark legislation aimed at strengthening Nigeria’s financial sector and accelerating the nation’s march toward a $1 trillion economy.

The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework. The new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.

Related posts

Obi Faults FG Over Hike In International Passport Fees

Obi Faults FG Over Hike In International Passport Fees

August 29, 2025
BREAKING: New Minimum Wage Payment Begins From July 29 – FG

NLC Demands N150,000 Minimum Wage For Lagos Workers

August 29, 2025

This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth.

The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It aligns with the Federal Government’s vision of achieving a $1 trillion economy.

As part of the Renewed Hope Agenda for the Insurance Sector, the Act introduces critical measures such as:

Stringent capital requirements to ensure the financial soundness of operators;

Enforcement of compulsory insurance policies to enhance consumer protection;

Digitisation of the insurance market to improve access and efficiency;

Zero tolerance for delays in claims settlement;

Creation of dedicated policyholder protection funds, especially in cases of insolvency;

Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.

The National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration nationwide.

The reform introduced by the new law is expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa.

 

VANGUARD

Tags: Insurance Industry

The Reflector Newspaper's newsletters cover a variety of topics, from daily news to lifestyle content, markets info to medical news. Subscribe to get the latest information.

Unsubscribe
Previous Post

Gov Adeleke Leaves For Davido’s Wedding In U.S

Next Post

Osun APC Member Reportedly Arrested, Arraigned For Threatening Gov Adeleke

Next Post
APC To Gov. Adeleke: Your Planned Illegal Public Holiday Can’t Stop Our Chairmen From Resuming

Osun APC Member Reportedly Arrested, Arraigned For Threatening Gov Adeleke

RECOMMENDED NEWS

Asari-Dokubo Rejects Claim By Benin Monarch That Benin People Founded Lagos

Asari-Dokubo Rejects Claim By Benin Monarch That Benin People Founded Lagos

2 years ago
Lagos: Fuel Scarcity Causes Gridlock From Queues

Supply Fuel To Our Members, IPMAN Urges NNPCL Amidst Scarcity

1 year ago
Customs Service Promotes 357 Junior Officers In Recognition Of Excellent Service

Customs Service Promotes 357 Junior Officers In Recognition Of Excellent Service

2 years ago
Ladoja Crowned As Ceremonial Oba By Olubadan

Ladoja Crowned As Ceremonial Oba By Olubadan

1 year ago

FOLLOW US

BROWSE BY CATEGORIES

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

BROWSE BY TOPICS

#EndBadGovernance protest 2027 Elections ADC Ademola Adeleke Akpabio Alaafin Of Oyo APC Atiku Bola Tinubu Buhari By-Elections CBEX Coalition Dangote Refinery Defection Economic and Financial Crimes Commission (EFCC) Economic Hardship EFCC Emergency Rule Federal Government of Nigeria Fubara Fuel Price Fuel Price Hike Gunmen INEC JAMB Natasha Nigerian National Petroleum Company Limited (NNPCL) Nnamdi Kanu NNPC NNPCL NYSC Olubadan PDP Peter Obi President Ahmed Bola Tinubu Rivers Administrator Rivers Assembly Rivers Crisis Senate Tinubu UTME VeryDarkMan WAEC Wike

POPULAR NEWS

  • Congo’s President Daughter’s Bedroom Surfaces Online

    Congo’s President Daughter’s Bedroom Surfaces Online

    0 shares
    Share 0 Tweet 0
  • Economy Bleeds As Naira Hits Record Low With N72.58 Depreiciation Against Dollar

    0 shares
    Share 0 Tweet 0
  • Old Naira Notes Remain Valid – CBN

    0 shares
    Share 0 Tweet 0
  • Gospel Actress, Flora Of Abattoir Movie Series Is Dead

    0 shares
    Share 0 Tweet 0
  • JUST IN: FCT Minister Wike Leads Eid-El-Fitr Homage To President Tinubu Amid Death Rumors

    0 shares
    Share 0 Tweet 0
The Reflector Newspaper

Our mission at The Reflector Newspaper is to cultivate a dynamic digital space where truth, integrity, and diversity thrive.

Follow us on social media:

Recent News

  • Obi Faults FG Over Hike In International Passport Fees
  • NLC Demands N150,000 Minimum Wage For Lagos Workers
  • PDP Considering Jonathan, Obi For 2027 Presidential Ticket – Bala Mohammed
  • NNPC Was Losing N500m Monthly At PH Refinery When I Took Over – Ojulari

Category

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

Recent News

Obi Faults FG Over Hike In International Passport Fees

Obi Faults FG Over Hike In International Passport Fees

August 29, 2025
BREAKING: New Minimum Wage Payment Begins From July 29 – FG

NLC Demands N150,000 Minimum Wage For Lagos Workers

August 29, 2025
  • About
  • Advertise
  • Careers
  • Contact

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Verified by MonsterInsights