Wednesday, August 6, 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
29
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The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.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

MKO’s Wife, Doyin Abiola Dies Aged 82

MKO’s Wife, Doyin Abiola Dies Aged 82

August 6, 2025
‘Be Agents Of Change’, Adeleke Swears In New LG Chairmen

APC, Adeleke Trade Words Over Gov’s ‘Two-Week’ Absence

August 6, 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

531 Illegal Medicine Outlet Shut Down By PCN In Abuja

531 Illegal Medicine Outlet Shut Down By PCN In Abuja

1 year ago

Obiano Deserves Second Term – Former Commissioner

8 years ago
Lagos APC Leader Dies In Mecca

Breaking: APC Abolishes Diaspora Chapters

9 months ago

Group Set To Picket Telecom, Pay TV Providers Over Poor Services

8 years 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 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 National Power Grid Nigerian National Petroleum Company Limited (NNPCL) Nnamdi Kanu NNPC NNPCL Olubadan PDP Peter Obi Petrol Price 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

  • MKO’s Wife, Doyin Abiola Dies Aged 82
  • APC, Adeleke Trade Words Over Gov’s ‘Two-Week’ Absence
  • Shehu Sani Blames Past Leaders For North’s Woes
  • Kano Transport Commissioner Resigns After Drug Baron Bail Probe

Category

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

Recent News

MKO’s Wife, Doyin Abiola Dies Aged 82

MKO’s Wife, Doyin Abiola Dies Aged 82

August 6, 2025
‘Be Agents Of Change’, Adeleke Swears In New LG Chairmen

APC, Adeleke Trade Words Over Gov’s ‘Two-Week’ Absence

August 6, 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