Tinubu signs Insurance Industry Reform Bill.
President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025, into law, to ensure comprehensive regulation and supervision of all insurance and reinsurance businesses operating in Nigeria.
This was contained in a statement issued on Tuesday in Abuja by presidential spokesman, Bayo Onanuga, noting that the bill includes increased minimum capital requirements for insurance companies, with non-life insurance companies requiring N25 billion, life insurance companies requiring N15 billion, and reinsurance companies requiring N45 billion.
The statement said the act also introduces risk-based capital requirements, stringent capital requirements, and enforcement of compulsory insurance policies.
according to the statement, the new act, which is expected to usher in a new era of transparency, innovation, and global competitiveness for the insurance industry in Nigeria, aligns with the Federal Government's vision of achieving a $1 trillion economy and will contribute to financial stability, economic development, and inclusive growth.
The act also provides for digitization of the insurance market, zero tolerance for delays in claims settlement, and creation of dedicated policyholder protection funds.
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