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ARTICLE · 13 NOVEMBER 2025

Decoding The Insurance Reform Act: New Rules, New Realities For Intermediaries

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On August 5, 2025, the Nigerian Insurance Industry Reform Act (the "Act") was signed into law, reforming the regulatory framework for insurance companies and other entities providing services...

NigeriaInsurance
Aderonke Alex-Adedipe
Aderonke Alex-Adedipe
Hillary Okorotie
Hillary Okorotie

Introduction

On August 5, 2025, the Nigerian Insurance Industry Reform Act (the "Act") was signed into law, reforming the regulatory framework for insurance companies and other entities providing services within the insurance industry. For intermediaries such as insurance agents, brokers, loss adjusters and other stakeholders the new Act seeks to streamline and reform their operational obligations as well as their licensing requirements.

In this newsletter we highlight some key provisions of the Act as they relate to insurance intermediaries, their licensing requirements, penalties for noncompliance and other notable provisions of the Act.

Licensing Requirements for Insurance Intermediaries and Penalties for Noncompliance

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