The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin has called on the Chartered Insurance Institute of Nigeria (CIIN) to deepen professionalism, ethical conduct and innovation as the insurance industry undergoes major reforms.
The insurance boss gave the charge at the Investiture Ceremony of Mr. Akinjide Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria.
Describing the event as “a call to stewardship at a defining moment,” the CFI noted that the industry’s future will be determined by the quality of leadership, depth of competence and discipline in serving the public interest.
He commended the outgoing President, Mrs. Yetunde Olubunmi Ilori for her visionary leadership which strengthened CIIN’s position as the foremost professional body for insurance practitioners in Nigeria.
Congratulating the new President, he expressed confidence in Mr. Orimolade’s leadership, noting that his record as an accomplished professional and advocate of continuous learning positions CIIN well for the challenges ahead.
Key Focus Areas for the New CIIN Leadership
The Commissioner urged the new Council to focus on three priorities:
- Deepen Professionalism and Ethics: Raise standards of practice, ethical judgement, and continuous professional development to match regulatory ambition.
- Build the Talent Pipeline: Expand mentorship, leadership development, and engagement with young professionals and tertiary institutions.
- Champion Innovation and Public Trust: Equip practitioners with skills for digital transformation, data-driven underwriting, cybersecurity, and inclusive distribution.
On Industry Reforms and Recapitalisation
Highlighting the Nigerian Insurance Industry Reform Act, 2025, the Commissioner stated that NAICOM’s agenda is focused on market conduct, policyholder protection, governance, and financial inclusion.
He emphasised that the ongoing recapitalisation exercise is central to building a resilient market. With 14 days to the July 31, 2026 deadline, NAICOM commended operators making progress but stressed that the deadline is regulatory and must be treated with urgency.
“A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians can trust,” he said.
NAICOM reaffirmed its commitment to a transparent, fair, and firm process and pledged continued partnership with CIIN to ensure professionalism and consumer confidence remain at the heart of industry growth.
Role of CIIN in Supporting Compliance
The Commission urged CIIN to:
- Translate regulatory expectations into professional capacity through CPD, compliance education, and board training.
- Strengthen ethical and market conduct standards, including fair treatment of policyholders and prompt claims handling.
- Support industry readiness by identifying compliance gaps and providing professional input to NAICOM.
In conclusion, the Commissioner congratulated Mr. Orimolade and CIIN, stating that the dream of a vibrant, trusted, and globally competitive Nigerian insurance industry requires stronger capital, better conduct, innovation with responsibility, and professionals who understand that “insurance is first a promise to the public.”
He assured CIIN of NAICOM’s continued partnership and regulatory support.
