AN ACT TO REPEAL THE INSURANCE ACT, CAP. I17, LAWS OF THE FEDERATION OF NIGERIA, 2004, THE MARINE INSURANCE ACT, CAP. M2 LAWS OF THE FEDERATION OF NIGERIA, 2004, THE MOTOR VEHICLES (THIRD PARTY INSURANCE) ACT, CAP. M22, LAWS OF THE FEDERATION OF NIGERIA, 2004, THE NATIONAL INSURANCE CORPORATION OF NIGERIA ACT, CAP. N54, LAWS OF THE FEDERATION OF NIGERIA, 2004 AND THE NIGERIA REINSURANCE CORPORATION ACT, CAP. N131, LAWS OF THE FEDERATION OF NIGERIA, 2004, AND ENACT THE NIGERIAN INSURANCE INDUSTRY REFORM ACT, 2025 TO PROVIDE FOR A COMPREHENSIVE LEGAL AND REGULATORY FRAMEWORK FOR INSURANCE BUSINESS IN NIGERIA; AND FOR RELATED MATTERS.
ENACTED by the National Assembly of the Federal Republic of Nigeria -
PART I - OBJECTIVES AND APPLICATION
1.
(1) The objectives of this Act are to -
(a) regulate the insurance industry in order to develop the insurance sector ; and
(b) protect the interest of policyholders, prospective policyholders and other stakeholders under insurance policies in ways that are consistent with the continued development of a viable, competitive and innovative insurance industry.
(2) This Act, the regulations and other regulatory instruments issued by the Commission under this Act, shall achieve the objectives referred to in subsection
(1) by -
(a) determining who carries on insurance business in Nigeria and requiring insurance operators, the directors and the management of insurance operators to meet certain suitability requirements ;
(b) imposing on insurance operators, requirements to promote prudent management, good business practices and good corporate governance ; and
(c) providing for an effective mechanism for settlement of insurance disputes.
2.
(1) Except as otherwise provided by this Act, the provisions of this Act shall apply to regulation and supervision of all insurance businesses, and insurance operators in Nigeria. A 766 Act. No. 33, 2023 of insurance business 2025 No. 14 Nigerian Insurance Industry Reform Act, 2025
(2) This Act applies to all insurance businesses and insurers, other than insurance businesses carried on or by insurers of the following description -
(a) a friendly society that is an association of persons established with no share for the purposes of aiding its members or their dependents where such association does not employ any person whose main occupation is the -
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