By 
The Nigerian Insurers Association (NIA) has reaffirmed its support for stronger regulatory standards in the insurance sector, emphasising that evolving compliance requirements are necessary to align the industry with global best practices.
Speaking during the Annual General Meeting of the Risk, Audit and Compliance Committee (RACC) in Lagos, Bola Odukale, Director-General of the NIA, said increasing regulatory expectations should be viewed as a strategic step toward strengthening governance, transparency, and investor confidence in Nigeria’s insurance market.
Odukale noted that the industry must begin preparing for the 2027 Mutual Evaluation Exercise and the upcoming review of Nigeria’s National Risk Assessment, both of which will scrutinise the country’s financial system for compliance with international anti-money laundering and counter-terrorism financing standards.
According to him, these developments highlight the importance of stronger internal controls and improved compliance frameworks across the insurance sector.
The evolving regulatory landscape has also been shaped by the recently enacted Nigeria Insurance Industry Reform Act 2025, which introduces new governance and transparency standards aimed at modernising the industry.
Reflecting on the committee’s contributions, the NIA leadership commended the outgoing RACC executives for their efforts in strengthening oversight mechanisms within the sector.
Addressing committee members, Odukale acknowledged the operational challenges insurers face, including financial constraints and the demanding regulatory oversight of the National Insurance Commission (NAICOM).
“These are areas we will continue to improve upon as we seek to make the industry more attractive to investors and the insuring public,” he said, emphasising the association’s broader objective of enhancing public confidence in insurance services.
To help industry stakeholders prepare for upcoming regulatory assessments, the NIA announced plans to host an online training session on March 17, 2026. The programme is intended to equip insurers and compliance professionals with the knowledge required to meet the reporting and governance standards expected during the 2027 evaluation.
The meeting also featured the re-election of Olugbenga Akinlalu, a finance professional from Continental Reinsurance, as Chairman of the Risk, Audit and Compliance Committee.
Akinlalu emphasised the committee’s responsibility to ensure that insurers maintain strong internal controls while complying with regulatory requirements issued by industry supervisors and oversight institutions.
“We play a pivotal role in ensuring that regulations from both our primary regulator and other oversight bodies are adhered to at every level of operation,” he said.
He added that maintaining high compliance standards will be critical as Nigeria’s insurance industry positions itself for greater growth while safeguarding consumer interests and strengthening operational integrity across the sector.
Comments