NAICOM Sets New Regulatory Priorities For Brokers

The National Insurance Commission (NAICOM) has unveiled its new set of regulatory priorities for insurance brokers in Nigeria, focusing on risk-based supervision, digital transformation, and stronger consumer protection frameworks.

The announcement was made by the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, during the investiture of Mrs Ekeoma Esther Ezeibe as the 23rd President of the Nigerian Council of Registered Insurance Brokers (NCRIB), held on Friday.

Omosehin said the new priorities reflect NAICOM’s commitment to building a resilient, transparent, and technology-driven insurance industry that protects policyholders while deepening public confidence in insurance as a critical component of Nigeria’s economy.

“At NAICOM, our priorities are clear, we aim to foster innovation, protect policyholders, and build public confidence,” the Commissioner said.

“For brokers, our regulatory focus includes risk-based supervision, market conduct oversight, data enhancement, technology enablement, and inclusive insurance models.”

Omosehin explained that risk-based supervision will align each broker’s governance and financial requirements with the scale of their operations.

This, he noted, will ensure that industry players maintain prudent management practices and operational sustainability.

He added that market conduct oversight would become a stronger area of focus, emphasizing transparency, fairness, and suitability—particularly in the handling of claims and client communication.

“Our stance is simple: deliver only what you can support, and support everything you deliver,” Omosehin stated. “Clear promises and prompt service build trust and trust drives penetration.”

The Commissioner also emphasized the Commission’s plan to leverage technology to enhance market efficiency and consumer experience.

This includes facilitating digital Know Your Customer (KYC) processes, API-enabled placements, and the introduction of efficient claims portals that reduce turnaround time and improve service quality.

He said NAICOM would continue to partner with the NCRIB to build data-driven supervision frameworks, making placement quality and client outcomes measurable.

Beyond regulation, Omosehin reaffirmed NAICOM’s commitment to inclusive insurance models, particularly broker-led microinsurance and takaful solutions targeted at underserved sectors.

He called on brokers to lead this initiative through product innovation and community-focused engagement.

“The future of insurance broking must include every Nigerian,” he said. “Inclusion, professionalism, and ethics will determine the industry’s credibility and growth.”

The NAICOM boss pledged continued collaboration with the NCRIB under Ezeibe’s leadership, urging brokers to align with the Commission’s broader reform framework under the Nigerian Insurance Industry Reform Agenda (NIIRA) 2025.

He noted that the Commission remains open to dialogue and is committed to harmonizing the roles of all market participants to ensure a cohesive, efficient, and trusted insurance ecosystem.

“Together, we can build a market that serves Nigerians better and strengthens our economy,” Omosehin concluded.