{"id":18981,"date":"2025-09-18T12:00:28","date_gmt":"2025-09-18T11:00:28","guid":{"rendered":"https:\/\/www.funminews.com\/?p=18981"},"modified":"2025-09-18T11:31:38","modified_gmt":"2025-09-18T10:31:38","slug":"attorney-archibong-highlights-8-key-reforms-of-the-nigeria-insurance-industry-reform-act-2025","status":"publish","type":"post","link":"https:\/\/www.funminews.com\/index.php\/2025\/09\/18\/attorney-archibong-highlights-8-key-reforms-of-the-nigeria-insurance-industry-reform-act-2025\/","title":{"rendered":"Attorney Archibong Highlights 8 Key Reforms of the Nigeria Insurance Industry Reform Act, 2025"},"content":{"rendered":"\n

Legal practitioner, Attorney Asukwo Mendie Archibong, has shed light on the far-reaching provisions of the Nigeria Insurance Industry Reform Act, 2025 (NIIRA), describing it as a landmark piece of legislation that reshapes the nation\u2019s insurance landscape. Speaking on the new law signed by President Bola Ahmed Tinubu in August, Archibong noted that the Act consolidates decades of fragmented statutes, expands compulsory insurance, and provides stronger enforcement powers to regulators.

According to him, the NIIRA repeals older laws such as the Insurance Act, the Marine Insurance Act, and the Motor Vehicles (Third Party Insurance) Act, while creating a unified framework aligned with global best practices. He identified eight key reforms that will significantly impact developers, government institutions, insurers, and operators in high-risk industries.

1. Compulsory Insurance for Buildings Under Construction<\/strong>
Archibong explained that the Act makes it mandatory for builders to secure liability insurance before construction work begins. \u201cNo building permit will be issued without proof of insurance coverage for third-party injury, death, or structural collapse,\u201d he stated, adding that this closes longstanding regulatory gaps in the real estate sector.

2. Compulsory Insurance for Public Buildings<\/strong>
He stressed that owners of public-access buildings\u2014such as hotels, schools, shopping malls, and office complexes\u2014must now insure their properties against collapse, fire, flood, earthquake, and storm damage. \u201cThis is designed to protect lives and safeguard investments where large numbers of people congregate,\u201d he said.

3. Mandatory Coverage for Petroleum and Gas Facilities<\/strong>
The attorney highlighted that petrol stations, gas plants, and other high-risk energy facilities must carry adequate insurance policies. This, he noted, ensures that operators, landlords, and host communities are protected in the event of industrial accidents.

4. Enforcement Powers and Criminal Penalties<\/strong>
Archibong underscored that the Act empowers regulators, working with the National Insurance Commission (NAICOM), to seal off non-compliant buildings. Offenders risk heavy fines and a minimum prison sentence of three years. \u201cThis shows that non-compliance is no longer a civil matter but a criminal offence,\u201d he warned.

5. Mandatory Use of Fire Insurance Proceeds<\/strong>
He explained that in cases where properties are damaged by fire, insurance payouts must now be applied directly to rebuilding or restoring the affected structure. \u201cCash settlements for unrelated purposes are prohibited, ensuring asset value is preserved,\u201d Archibong said.

6. Government Asset Insurance<\/strong>
For the first time, all ministries, departments, and agencies are legally required to insure government-owned properties and assets. Archibong described this as a \u201cbold step in embedding risk management into public sector governance.\u201d

7. Insurers\u2019 Investment in Real Estate Development<\/strong>
The Act allows insurers, subject to NAICOM\u2019s approval, to invest directly in real estate projects. Archibong said this will open up fresh capital for infrastructure development while deepening insurers\u2019 role in national economic growth.

8. Precedence Over Conflicting Housing Laws<\/strong>
Finally, he pointed out that where the NIIRA conflicts with other laws, such as the National Housing Fund Act, the NIIRA takes precedence. \u201cThis legal clarity eliminates uncertainty for stakeholders planning compliance,\u201d he remarked.

Archibong concluded that the Act represents more than a regulatory update\u2014it is a structural reform that ties insurance to national development. He urged developers, government agencies, and energy operators to integrate compliance into their planning and operations, warning that the era of lax enforcement is over.

\u201cThe NIIRA,\u201d he said, \u201cis not only about compulsory coverage but about strengthening Nigeria\u2019s financial markets, protecting lives and property, and ensuring that insurance truly supports our infrastructure and economic aspirations.\u201d<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Legal practitioner, Attorney Asukwo Mendie Archibong, has shed light on the far-reaching provisions of the Nigeria Insurance Industry Reform Act, 2025 (NIIRA), describing it as a landmark piece of legislation that reshapes the nation\u2019s insurance landscape. Speaking on the new law signed by President Bola Ahmed Tinubu in August, Archibong noted that the Act consolidates […]<\/p>\n","protected":false},"author":2,"featured_media":18980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-18981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.funminews.com\/wp-content\/uploads\/2025\/09\/IMG-20250918-WA00011.jpg?fit=1080%2C720&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/18981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/comments?post=18981"}],"version-history":[{"count":1,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/18981\/revisions"}],"predecessor-version":[{"id":18982,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/18981\/revisions\/18982"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media\/18980"}],"wp:attachment":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media?parent=18981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/categories?post=18981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/tags?post=18981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}