The Director-General of the Nigerian Insurers Association, Bola has said that the increasing complexity of regulatory requirements aims to bring the Nigerian insurance sector in line with international best practices, rather than to impose unnecessary burdens.

Speaking at the Annual General Meeting of the Risk, Audit, and Compliance Committee in Lagos, he urged industry stakeholders to ready themselves for the 2027 Mutual Evaluation Exercise and the forthcoming review of the National Risk Assessment.

Amid a transforming regulatory landscape under the Nigeria Insurance Industry Reform Act 2025, the Nigerian insurance sector is placing greater emphasis on governance and transparency.

The NIA leadership also praised the outgoing executive for remarkable contributions to enhancing the committee’s governance standards.

Addressing the RACC members, the Director-General recognized the challenge of managing financial constraints while meeting the demanding schedules set by the National Insurance Commission.

“These are areas we will continue to improve upon as we seek to make the industry more attractive to investors and the insuring public,” the DG stated.

To prepare market participants for the upcoming reporting obligations, the NIA has scheduled an online training session for Tuesday, 17 March 2026.

The initiative is designed to equip stakeholders with the skills and tools needed to meet the standards of the 2027 evaluation.