The National Insurance Commission (NAICOM) says it would ensure the strict enforcement of the revised regulatory framework governing the insurance industry, warning that unlicensed activities, ethical lapses and non-remittance of premiums would attract serious consequences.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, gave the warning on Wednesday at the opening of the 2026 National Insurance Brokers Conference and Exhibition in Abuja.
The conference organised by the Nigerian Council of Registered Insurance Brokers (NCRIB) had the theme: “Insurance: Infrastructure Financing and National Development Agenda.”
Noting that the event was taking place at a historic point in the industry’s regulatory history following the recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA), Omosehin described the law as a total modernisation of the legal and regulatory framework, designed to strengthen balance sheets, enforce sound market conduct, protect consumers and accelerate insurance penetration.
For brokers, he said, the law brings a higher standard of accountability alongside new growth opportunities, with the introduction of stricter market conduct requirements and elevated licensing regimes.
The Commission, he stressed, would enforce these regulations firmly to safeguard consumer confidence.
The NAICOM boss acknowledged the central role of brokers in the market, describing them as trusted risk advisers, intermediaries and advocates for policyholders who generate a significant share of total premium volume.
Brokers, he said, serve as the primary bridge between policyholders and underwriters, simplifying complex risks and building public trust across the corporate, public and retail sectors.
Also, he said brokers provide the technical expertise needed to structure risk mitigation and risk transfer solutions for large infrastructure projects in transport, energy, real estate and industrialisation.
Through advisory services, risk auditing and claims negotiation, he said, brokers help policyholders get maximum value and protection.
On technology, Omosehin who said the new Act formally recognises digital, electronic and web-based insurance channels, urged brokers to embrace technology and InsurTech solutions to widen their reach and improve customer experience.
The Commissioner also tied the law to the country’s infrastructure drive, adding that the NIIRA expands and enforces compulsory insurance classes and provides stronger frameworks for institutional investment.
Brokers, he said, should position themselves as “capital catalysts” that guide infrastructure sponsors, contractors and financiers on the compulsory and customised risks attached to major national assets
Omosehin noted that infrastructure deficits cannot be closed without sustainable risk management and local capital participation, adding that the insurance sector must step up as a key enabler of national development through pool funds, infrastructure bonds and tailored risk guarantees.
He assured the industry that NAICOM remains committed to an enabling environment that encourages product innovation, capital growth and market expansion.
Besides, he urged Nigerian Council of Registered Insurance Brokers (NCRIB) and its members to lead from the front by forging strategic alliances across the banking, energy, manufacturing and public infrastructure sectors.
While commending the NCRIB leadership and governing board for convening the dialogue, the Commissioner pledged that the Commission would continue to support the Council in upgrading professional skills, enforcing market discipline and advancing the national growth agenda.
He urged delegates to go beyond discussion and produce practical recommendations that would strengthen the brokerage profession, advance implementation of NIIRA and position insurance as a more effective instrument for infrastructure financing and national development.
“Let us work together to build an industry that commands public trust, delivers value to policyholders and contributes meaningfully to Nigeria’s economic aspirations,” he said.
