The National Insurance Commission (NAICOM) and the Association of Registered Insurance Agents of Nigeria (ARIAN) have taken a stand more by the former, to not only strengthen and enforce the NIIRA 2025 but jointly protect Nigerian insurance consumers from unauthorized and predatory practices, this follows a strategic engagement with the Insurance Agents body.
This position was taken when the leadership of ARIAN, led by its President, Mr. Olatubosun Mayowa, paid a courtesy visit to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the Commission’s headquarters.
NAICOM underscored its resolve to uphold regulatory standards and sanitize the insurance market through firm and coordinated enforcement actions. The Commission reiterated that safeguarding consumers and preserving market integrity remain central to its mandate.
In his remarks, the ARIAN President expressed the Association’s commitment to supporting NAICOM’s regulatory and enforcement initiatives while using their grassroots presence to provide credible market intelligence, enhance consumer protection, and support the identification and removal of unscrupulous operators.
NAICOM expressed commitment to address persistent market abuses, including unlawful rate-cutting, misrepresentation, and the mis-selling of insurance products by unlicensed entities. He cleared that such practices undermine consumer confidence and the stability of the insurance sector. He assured that through proper licencing and compliance
To enhance public awareness, Mr. Omosehin said the Commission will lead joint media and consumer education initiatives aimed at enabling Nigerians to identify genuine motor insurance policies, verify licensed insurers, and report suspected fraud or mis-selling through official channels. Both organizations agreed to sustain regular operational engagement and periodic reviews to ensure effective implementation of agreed actions.
The CFI reiterated the Commission’s broader policy direction of promoting healthy and transparent distribution networks as a means of encouraging legitimate participation in the market and deepening insurance penetration nationwide.
The Commissioner for Insurance stressed that the Commission will act decisively against any form of infraction, noting that unlicensed entities must not have space operate. He reiterated that NAICOM protect consumers and uphold the integrity of the insurance industry.
He further urged the public to remain vigilant by verifying that the policies they purchase are from insurers duly licensed by NAICOM, carefully review policy documents and agent credentials, and promptly report suspicious activities including unauthorized sellers, forged documents, or unusually low premiums through NAICOM’s official complaint channels.
Featured Picture: L-R: Mrs Yetunde Idowu, Member of the ARIAN delegation; Mr. Ayeni Ayo, Member of the ARIAN delegation; Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance (Finance and Administration), NAICOM; Mr. Olatubosun Mayowa, Leader of the ARIAN delegation, Mr.Olusegun Ayo Omosehin, Commissioner for Insurance, NAICOM and Dr Usman Jankara, Deputy Commissioner (Technical), NAICOM, during ARIAN visit to NAICOM Headquarters in Abuja, recently.
