Senator Abiru Hails Tinubu’s Approval of Landmark Insurance Reform Law

President Bola Tinubu has signed a new law to improve how insurance works in Nigeria.

The law, called the Nigerian Insurance Industry Reform Act, 2025, is meant to make insurance easier to understand, safer for everyone, and more useful for businesses and individuals.

Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Tokunbo Abiru, who helped push for the new law, said it will help more Nigerians trust insurance, bring in new investors, and create more jobs.

With this change, the government hopes to grow the economy and make insurance a bigger part of everyday life, not just something for big companies or the wealthy.

Now that the law is in place, Nigeria’s insurance regulator, NAICOM, will begin putting the new rules into action.