The National Insurance Commission and the Nigerian Insurers Association have pledged to deepen collaboration in a renewed effort to reduce regulatory infractions and strengthen compliance across the insurance industry.
Both bodies said the move is aimed at improving consumer protection, boosting public confidence and ensuring that operators adhere strictly to industry standards. Speaking after a joint meeting, officials emphasized that a coordinated approach between the regulator and industry players is essential for sustainable growth.
Recent reviews have shown that while the insurance sector has made progress in digitalization and product innovation, gaps remain in areas such as claims settlement timelines, reporting obligations and adherence to prudential guidelines. These issues, regulators say, can undermine trust if not addressed decisively.
Naicom stressed that its role is not only to enforce rules but also to guide the industry toward best practices. The commission said it would intensify supervision while also providing clearer frameworks and capacity building initiatives to help insurers meet their obligations.
The NIA, which represents insurance companies, expressed support for stricter compliance but called for balanced enforcement that recognizes operational challenges. It noted that collaboration can help resolve grey areas in regulations and reduce unintentional breaches.
Industry analysts say stronger cooperation could help tackle persistent problems such as fake insurance policies, delayed claims payments and weak risk management practices. They argue that improving standards will be critical as Nigeria seeks to raise insurance penetration and attract more investment into the sector.
Both organizations agreed to establish more frequent engagement platforms and joint technical committees to review emerging risks and compliance trends.
