Barbara Bako, Abuja.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, has charged the Chartered Insurance Institute of Nigeria (CIIN) to strengthen professionalism, ethical standards and innovation to support ongoing reforms in the insurance industry.
Omosehin gave the charge on Friday at the investiture of Akinjide Orimolade as the 53rd President and Chairman of the Council of the Chartered Insurance Institute of Nigeria, describing the occasion as “a call to stewardship at a defining moment” for the profession.
He said the future of Nigeria’s insurance industry would be shaped by the quality of its leadership, the competence of its practitioners and their commitment to serving the public interest.
The Commissioner commended the immediate past President of CIIN, Yetunde Olubunmi Ilori, for her leadership, which he said strengthened the institute’s position as the country’s foremost professional body for insurance practitioners.
Congratulating Orimolade on his emergence, Omosehin expressed confidence that the new president’s professional experience and commitment to continuous learning would position the institute to address emerging challenges in the industry.
He urged the new CIIN leadership to prioritise raising professional and ethical standards, expanding mentorship and leadership development programmes for young professionals, and equipping practitioners with skills in digital transformation, data-driven underwriting, cybersecurity and inclusive insurance distribution.
Speaking on the Nigerian Insurance Industry Reform Act, 2025, Omosehin said NAICOM’s reform agenda is centred on strengthening market conduct, policyholder protection, corporate governance and financial inclusion.
He also reiterated the importance of the ongoing insurance recapitalisation exercise, noting that with only 14 days to the July 31, 2026 deadline, operators yet to meet the new capital requirements must act swiftly.
“A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians can trust,” he said.
According to him, NAICOM remains committed to ensuring that the recapitalisation process is transparent, fair and firmly implemented while continuing to work closely with CIIN to promote professionalism and consumer confidence.
The Commissioner further called on the institute to support regulatory compliance by translating regulatory expectations into professional capacity through continuous professional development, compliance education and board training.
He also urged CIIN to strengthen ethical standards and market conduct across the industry, including fair treatment of policyholders and prompt claims settlement, while helping identify compliance gaps and providing professional input to the Commission.
Omosehin said achieving a vibrant, trusted and globally competitive insurance industry would require stronger capital, responsible innovation, improved market conduct and professionals who recognise that “insurance is first a promise to the public.”
He assured the institute of NAICOM’s continued partnership and regulatory support in advancing the growth and credibility of Nigeria’s insurance sector.
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