Insurance Act Will Transform Sector –Ex-NAICOM Boss, Thomas

‎The contiguous past commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Olorundare Sunday Thomas, believes the Nigerian Insurance Industry Reform Act (NIIRA) 2025, precocious signed into instrumentality by President Bola Ahmed Tinubu, if decently implemented, volition instrumentality attraction of each stakeholders and revolutionise the nation’s security assemblage to lend importantly to nationalist growth.
Thomas, who was honoured by the Nigerian Association of Insurance and Pension Editors(NAIPE) with an Award of Excellence, for his publication to the maturation of the manufacture and his enactment for security journalists, during the Association’s 2025 National Conference held successful Lagos recently, noted that,

‎“Looking astatine wherever we are today, I privation to congratulate the President, for signing the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law, whose travel started successful 2008. NIIRA volition alteration and revolutionise the security sector.

“The grade the instrumentality volition go, successful presumption of achievement, volition beryllium connected some the implementers and the industry, and the effect to the contented of that instrumentality volition find the grade of achievement. But 1 happening I americium truthful definite of, is the information that the level has been acceptable for its achievement, successful presumption of taking attraction of each the stakeholders: consumers are protected, shareholders are protected, and operators are protected.”

‎Of course, strengthening the assemblage with the formalisation of Risk-Based Capital volition spell a agelong way, successful which case, helium said, ‘we don’t request to run astatine the aforesaid level – beryllium wherever you person capableness to be.’
‎‎On however security and pension sectors tin lend to the accomplishment of President Tinubu’s 1 trillion dollar economy, the erstwhile NAICOM brag said, “There is nary uncertainty that pension assemblage has plus nether absorption of implicit N24 trillion, and security assemblage with an plus basal of astir N4 trillion.

‎“I judge that we are successful a bully presumption to statesman to look astatine the anticipation and realisation of President Bola Ahmed Tinubu’s imaginativeness for having an system with a 1 trillion dollar Gross Domestic Product (GDP).

‎“I deliberation we are connected course, though we request to summation velocity by 2030, which is 5 years from now. I judge that with these laws, and the radical managing the sector, we volition beryllium capable to instrumentality our rightful presumption successful efficaciously contributing to President Tinubu’s vision.”

Thomas, however, commended NAIPE for honouring him with an Award of Excellence.

‎Expressing excitement for the award, Thomas, who was the president of the occasion, said helium did what helium did past successful each consciousness of sincerity without anticipating immoderate reward from immoderate quarter, conscionable arsenic helium promised to proceed to bash much for the bully of the journalists and the manufacture arsenic a whole.

‎“All that I did then, I did them with each consciousness of sincerity due to the fact that I knew it was indispensable for maine to bash them. I was not doing them successful anticipation of immoderate reward. But contiguous you radical take to honour maine with an award. This is rather astonishing and I americium excited. On behalf of my family, I privation to sincerely convey NAIPE for uncovering maine worthy of this. I americium not taking it lightly,” helium said.

‎Commending members of NAIPE for the grant and for sustaining their reportage of the pension and security sectors, helium said, “Some of america are fortunate to beryllium astir erstwhile they started, we cognize done heavy and thin, they person been capable to spell this far, they person been capable to interaction connected the 2 sectors, thereby providing applicable accusation to the stakeholders.”