₦airaland Forum

Make life better for the common people, that's when I can listen or pay attention to anything you're doing.
Mr Tinubu, Nigerians are dieing everyday from hunger and insecurity. Poverty has been weaponized

LegacyB:
Haters will still Hate. Don’t even think of pacifying them. They were born to 8.

We don't even regard the haters.

We are moving forward

No one is hating on Tinubu, if the economy is great, no one will be complaining. Tinubu is just like Trump, the only difference is one like to tweet and complain. Obasanjo was better

This is one of those silent laws with loud impact in the years to come

What of/Where's the electoral reform bill?

seunmsg:
Bola Tinubu is arguably Nigeria’s best president ever. The way he’s reforming almost all sectors and repositioning the economy for massive growth is quite remarkable. His impact in almost every sector will be felt for years to come.

May your life experience the kind of progress Tinubu has brought to Nigeria he since took over power...... Amen🙏

Tinubu is governing for the elite first according to the principle that the sun will shine on those standing before those sitting
Tinubu's approach to poor people has always been handouts bullion van style. NOT JOB creation

There is more pain ahead and people need to look locally. To their governors and not expect much from Tinubu economically
Bitter truth
Main expectation is security $

[quote author=Kingpele post=136356455][/quote]Expected 8ter. Just explain one thing you would do differently now story go start. 🤣

How much is our minimum wage way person go dey pay insurance from?

seunmsg:
Bola Tinubu is arguably Nigeria’s best president ever. The way he’s reforming almost all sectors and repositioning the economy for massive growth is quite remarkable. His impact in almost every sector will be felt for years to come.

^^^


Easy on the undeserved praise.

Some people praised him even more for the tax bill...until they took a closer look at the provisions of the bill. How much is shared to states under 'equality' again? What does that law do for fiscal federalism?

The devil is in the details.

seunmsg:
Bola Tinubu is arguably Nigeria’s best president ever. The way he’s reforming almost all sectors and repositioning the economy for massive growth is quite remarkable. His impact in almost every sector will be felt for years to come.

Tinubu na 'BROAD MAN'. His influence cuts across every sector since very long ago, grooming men and women in positions of functionality. So he gets information on first hand bases. That is why I always laugh when some people are talking nonsense.

Kukutente23:
I guess we'll start paying more for insurance now
Just look at common car insurance that was less than 10k when he took office. It now goes for more than 30k

Third party insurance is 15k across the industry.

What do you people gain with this unnecessary lies and distortion of facts?

Upon dat, ordinary keke you no get. By their comments.....

mmadu4:
animal nonsense president instead of this old cargo to sign a law banning open cow grazing NATIONWIDE. to help lower insecurity , what does insurance bill do for an average Nigerian

See thinking in 21century.

ppogba:
Third party insurance is 15k across the industry.

What do you people gain with this unnecessary lies and distortion of facts?

Upon dat, ordinary keke you no get. By their comments.....

Don't mind him. It is 15k to claim 3m in case of third party property damage

atobs4real:
Good one but I pray many companies survive it except merger.
Unemployment may surface

Be optimistic and not pessimistic.

Disenfranchised:
No be person Wey Don chop dey insure life and property.


Cluelessness at its peak

nobody takes haters serious

Hope u can now see Mandela stepped down at the age of 80 n not 76 like u said n it was basically cos of his age n health

Factcheck0001:
nobody takes haters serious

Hope u can now see Mandela stepped down at the age of 80 n not 76 like u said n it was basically cos of his age n health

Need a job?

Kukutente23:
I guess we'll start paying more for insurance now
Just look at common car insurance that was less than 10k when he took office. It now goes for more than 30k

Poor man pikin 😂
With the 10k I dey pay, how many insurance company don help you repair car wey you jam ? 😂

Disenfranchised:
No be person Wey Don chop dey insure life and property.


Cluelessness at its peak

You think the bill is for people like you?
We are talking about millions of Nigerian who buy cars over #200,000,000 without batting an eye.
You wey still dey struggle to pay tax. No even put mouth for the bill.
No Be Juju Be Dat?

seunmsg:
Bola Tinubu is arguably Nigeria’s best president ever. The way he’s reforming almost all sectors and repositioning the economy for massive growth is quite remarkable. His impact in almost every sector will be felt for years to come.

No.
He simply has to work to avoid being booted out. He knows that if he fails to perform, other more competent individuals free of corruption cases, are waiting on the wings on the request of decent Nigerians to make our country work.

Meanwhile he promised to make electricity work in his first two years. As it stands, he’s already two years and three months into his first term, yet electricity continues to be a mirage.

Its a laudable step in the right direction, but am disappointed that nothing was said about compulsory and comprehensive health Insurance; especially now that medication and other health related matters are very, very costly to obtain and might be out of reach of many Nigerians.

Kukutente23:
I guess we'll start paying more for insurance now
Just look at common car insurance that was less than 10k when he took office. It now goes for more than 30k

Why are you deceiving people? It's just 15k.

WorldRichest:
That is the highest employer of labour in US and Europe

It isn't.

Here’s a clear and updated summary of the Nigerian Insurance Industry Reform Act (NIIRA), 2025, which President Bola Ahmed Tinubu signed into law on August 5, 2025

This law replaces multiple outdated insurance statutes with a single, modern framework. Its goal: to build a strong, transparent, and globally competitive insurance sector that supports Nigeria’s drive toward a $1 trillion economy .


Key Objectives & Priorities

Strengthen financial soundness of insurers through stringent capital and solvency requirements.

Boost consumer protection, including enforcement of compulsory policies and stricter claims settlement timeframes.

Drive digital transformation in underwriting, claims, and distribution.

Establish policyholder protection funds to shield customers if an insurer becomes insolvent.

Deepen regional integration, notably via expanded involvement in the ECOWAS Brown Card scheme .


🔧 Major Provisions

1. Capital & Solvency Rules

Insurers and reinsurers must meet higher minimum capital requirements to ensure stability and reduce risk across the sector .

2. Mandatory Insurance Policies

Certain insurance types, such as third-party motor liability, are now strictly enforced to protect consumers.

3. Market Digitisation

NIIRA mandates digital solutions for insurance operations, from policy issuance to claims processing, intended to increase accessibility and efficiency.

4. Claims Settlement Standards

Fixed timelines for settling claims are legally enforced. Delayed or denied claims could incur penalties, signaling a zero-tolerance stance on tardy settlements.

5. Policyholder Protection Funds

These are insurance-backed safety nets to protect consumers in the event of insurer insolvency.

6. Regional Coverage

The Act requires broader participation in ECOWAS insurance mechanisms like the Brown Card to support cross-border mobility and risk-sharing .


Regulatory Oversight

The National Insurance Commission (NAICOM) is now officially tasked with implementing and monitoring compliance with the Act. It plays a central role in licensing, supervision, enforcement, and wider sector reforms .

Broader Impact & Significance

Expected to deepen insurance penetration across Nigeria.

Signals a commitment to transparency, innovation, and investor confidence.

Anticipated to attract fresh investment into the sector.

Intended to reposition Nigeria as a key insurance hub in West Africa, under the Tinubu administration’s Renewed Hope Agenda toward achieving a $1 trillion economy .

Takeaway

NIIRA 2025 is a landmark shift in Nigeria’s insurance landscape. By consolidating outdated statutes into a unified legal framework, it aims to professionalize and modernize the industry, while enhancing consumer protections and expanding Nigeria’s regional footprint. For stakeholders, it’s time to gear up ahead of implementation, align with digital mandates, and ensure compliance with evolving capital and regulatory expectations.

ElevationD:
No.
He simply has to work to avoid being booted out. He knows that if he fails to perform, other more competent individuals free of corruption cases, are waiting on the wings on the request of decent Nigerians to make our country work.

Meanwhile he promised to make electricity work in his first two years. As it stands, he’s already two years and three months into his first term, yet electricity continues to be a mirage.

Has electricity Power ever worked in the last 24 years?

Don't you know the address of your past leaders that spent $16b to buy darkness?

fineboynl:
Just another one. Insurance in Nigeria is just another scam. They should not force Nigerians into insurance schemes but by choice. Insurance hardly pay when due

Part of the Bill entails that claims should be settled on time.

Nnamdipapa:
Here’s a clear and updated summary of the Nigerian Insurance Industry Reform Act (NIIRA), 2025, which President Bola Ahmed Tinubu signed into law on August 5, 2025

This law replaces multiple outdated insurance statutes with a single, modern framework. Its goal: to build a strong, transparent, and globally competitive insurance sector that supports Nigeria’s drive toward a $1 trillion economy .


Key Objectives & Priorities

Strengthen financial soundness of insurers through stringent capital and solvency requirements.

Boost consumer protection, including enforcement of compulsory policies and stricter claims settlement timeframes.

Drive digital transformation in underwriting, claims, and distribution.

Establish policyholder protection funds to shield customers if an insurer becomes insolvent.

Deepen regional integration, notably via expanded involvement in the ECOWAS Brown Card scheme .


🔧 Major Provisions

1. Capital & Solvency Rules

Insurers and reinsurers must meet higher minimum capital requirements to ensure stability and reduce risk across the sector .

2. Mandatory Insurance Policies

Certain insurance types, such as third-party motor liability, are now strictly enforced to protect consumers.

3. Market Digitisation

NIIRA mandates digital solutions for insurance operations, from policy issuance to claims processing, intended to increase accessibility and efficiency.

4. Claims Settlement Standards

Fixed timelines for settling claims are legally enforced. Delayed or denied claims could incur penalties, signaling a zero-tolerance stance on tardy settlements.

5. Policyholder Protection Funds

These are insurance-backed safety nets to protect consumers in the event of insurer insolvency.

6. Regional Coverage

The Act requires broader participation in ECOWAS insurance mechanisms like the Brown Card to support cross-border mobility and risk-sharing .


Regulatory Oversight

The National Insurance Commission (NAICOM) is now officially tasked with implementing and monitoring compliance with the Act. It plays a central role in licensing, supervision, enforcement, and wider sector reforms .

Broader Impact & Significance

Expected to deepen insurance penetration across Nigeria.

Signals a commitment to transparency, innovation, and investor confidence.

Anticipated to attract fresh investment into the sector.

Intended to reposition Nigeria as a key insurance hub in West Africa, under the Tinubu administration’s Renewed Hope Agenda toward achieving a $1 trillion economy .

Takeaway

NIIRA 2025 is a landmark shift in Nigeria’s insurance landscape. By consolidating outdated statutes into a unified legal framework, it aims to professionalize and modernize the industry, while enhancing consumer protections and expanding Nigeria’s regional footprint. For stakeholders, it’s time to gear up ahead of implementation, align with digital mandates, and ensure compliance with evolving capital and regulatory expectations.

I'm one of those who still believe in the renew hope of Mr President. We should be patient with him. All the reforms Tinubu is putting in place would take some time to be fully realized.

Tareq1105:
I'm one of those who still believe in the renew hope of Mr President. We should be patient with him. All the reforms Tinubu is putting in place would take some time to be fully realized.

He will go down as one of the best presidents Nigeria ever had with his policy blueprints for the country. I am excited about this bill.

grandstar:
Part of the Bill entails that claims should be settled on time.

what I am saying they shouldn’t forced. Anyone. People should make that decision themselves

Welcome development

otipoju:
This industry has the potential to employ millions of Nigerians.

From Claims adjusters, Public Adjusters, Mechanics ,electricians,and renovation experts, Actuarial scientists and so on.

I tell you bro. Its a very huge industry!

Mr President pay the life insurance claims FG is owing abeg. Why is it even administered by head of civil service office ?