Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) has reaffirmed its commitment to strengthening collaboration with the Chartered Insurance Institute of Nigeria (CIIN) as the insurance industry prepares for the implementation of key reforms, including the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the conclusion of the ongoing recapitalisation exercise.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, gave the assurance when the outgoing President of CIIN, Mrs. Yetunde Olubunmi Ilori, led the Institute’s leadership on a courtesy visit to the Commission to mark the end of her tenure.
Omosehin said NAICOM would continue to work closely with the Institute to advance professionalism, innovation, Insurtech and human capital development, describing CIIN as a strategic partner in driving the growth and competitiveness of Nigeria’s insurance industry.
He said the industry is entering a new phase of transformation, pointing to the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the recapitalisation programme, which is scheduled to end on July 31, 2026.
The Commissioner urged the incoming CIIN President to prepare for the responsibilities ahead.
“Prepare for the task ahead. You are stepping into big shoes, and the expectations are high,” he said.
Omosehin also commended Ilori for what he described as an impactful tenure, noting that her administration strengthened the Institute and enhanced its relevance within the insurance industry.
He said her contributions to professionalism, innovation and institutional development would leave a lasting legacy for future leaders.
Earlier, Ilori thanked NAICOM for its unwavering support throughout her administration, saying the Institute’s achievements were made possible through the Commission’s partnership and guidance.
She noted that the close collaboration between both institutions had helped deepen professionalism, build capacity and encourage innovation across the insurance sector.
Responding, the incoming CIIN President expressed appreciation for the confidence reposed in him and pledged to consolidate on the achievements of his predecessor by promoting professional excellence, expanding insurance penetration and supporting the sustainable growth of the industry.
The visit underscored the long-standing partnership between NAICOM and CIIN as both organisations pledged to continue working together to strengthen Nigeria’s insurance sector and enhance its contribution to economic development.
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