Reform Act Mandates Online Insurance Companies to Obtain Operating License in Nigeria

The Nigerian Insurance Industry Reform Act (NIIRA) 2025 set the new rules for any new and existing companies operating online insurance services.

Reform Act Mandates Online Insurance Companies to Obtain Operating License in Nigeria

A new Reform Act—called the Nigerian Insurance Industry Reform Act (NIIRA) 2025—has mandated any individual or company that want to operate online insurance businesses in Nigeria to secure an operating license from the National Insurance Commission (NAICOM). This new reform act is on the same page with the section 201 of the Nigerian Insurance Industry Reform Bill, which was recently signed into law by President Bola Tinubu. The purpose of the reform is to make sure that all online insurance operators fall under regulatory oversight. The new law is applicable to all platforms that provide insurance businesses and services online. Henceforth, National Insurance Commission will oversee activities of online insurance companies and impose administrative sanctions against insurance institutions that failed to comply with the Reform Act. The reform Act made it explicitly clear that no individual or entity may commence or operate any insurance business through web, internet, or electronic platf…

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