Summary

Landmark reform signed 5 August 2025, repealing the Insurance Act 2003 and consolidating prior legislation. Introduces higher minimum capital (₦10bn life, ₦15bn non-life, ₦35bn reinsurers), risk-based capital, mandatory claim settlement timelines, and the statutory Insurance Policyholders' Protection Fund.

Applicability

All insurers, reinsurers, intermediaries and insurance institutions in Nigeria.