The National Insurance Commission (NAICOM) has commended the Nigerian Council of Registered Insurance Brokers (NCRIB) for promoting compliance and professionalism within Nigeria’s insurance industry.

The Commissioner for Insurance (CFI), Olusegun Omosehin, said this while receiving a delegation from NCRIB in Abuja, led by its President, Babatunde Oguntade, and incoming President, Ekeoma Ezeibe.

Mr Omosehin reaffirmed NAICOM’s commitment to strengthening its partnership with NCRIB to improve compliance, enhance consumer protection, and increase insurance awareness across the country.

He congratulated the council on the successful passage of the Nigerian Insurance Reform Act (NIIRA) 2025, stating that implementation was now the greater challenge facing the sector.

The commissioner said the commission would continue to rely on NCRIB’s support to ensure the effective implementation of the NIIRA 2025 and other strategic regulatory goals.

Mr Omosehin emphasised the urgent need to improve market competence, deepen digital adoption, and expand nationwide insurance awareness through collaboration with credible stakeholders such as NCRIB.

He thanked the outgoing president for his service and extended congratulations to Mr Ezeibe, charging her to drive growth and trust in Nigeria’s insurance landscape.

Speaking earlier, Mr Oguntade noted that the visit was to introduce the incoming president and to appreciate NAICOM’s regulatory support and cooperation during his time in office.

He highlighted that greater transparency and engagement had led to improved compliance among operators, who now feel more involved in the regulatory process and industry decisions.

On recapitalisation, Mr Oguntade noted that a stronger insurance market would improve resilience, adding that NCRIB was developing an ethics hub to strengthen professional responsibility.

In his remarks, Mr Ezeibe pledged to build on the cordial relationship with NAICOM and commended the commission for efforts made toward strengthening the Nigerian insurance industry.

NCRIB is the statutory umbrella body for registered insurance brokers in Nigeria, with a mandate to register brokers before licensing by NAICOM and to uphold professional standards across the sector. 

(NAN)