15th May 2026 | Fraizer Suites, FCT, Abuja
Protocol:
Good morning.
It is my singular honour and privilege to welcome you to the inauguration
of the Insurance Policyholders’ Protection Fund Committee.
Today’s inauguration marks a major step in strengthening confidence in
Nigeria’s insurance market and deepening consumer protection. With
the establishment of the Insurance Policyholders’ Protection Fund
Committee pursuant to Section 212 of the Nigerian Insurance Industry
Reform Act, NIIRA 2025, we are moving from policy intent to
institutional protection that gives policyholders greater assurance and
gives the market greater credibility.
The Objective of this Committee in line with the statutory provision is to:
1. Ensure protection of policyholders and beneficiaries covered under
an insurance policy in Nigeria.
2. Ensure timely and accurate collection of contributions to the Fund.
3. Establish sound management and investment practices for the Fund.
4. Provide procedures for disbursement and recovery of loans from the
Fund.
5. Promote transparency, accountability, and governance in the
administration of the Fund.
The fund shall be used for the purpose of resolving distress and
insolvencies of licenced insurers and Reinsurers or as a result of
cancellation of licence.
The IPPF is a statutory safety net for policyholders when an insurer
becomes insolvent or is unable to meet its obligations. Its value goes
beyond compensation: it protects households and businesses from
avoidable loss, reinforces trust in insurance as a reliable promise, and
helps preserve stability across the market.
NIIRA 2025 reflects the Federal Government’s commitment to a
stronger, more resilient, and consumer-centric insurance industry. The
legal foundation is now in place; the task before us is disciplined
execution that ensures the Fund is credible, well governed, and effective
when policyholders need it most.
Your inauguration today is not ceremonial; it is the start of a serious
governance responsibility. The Committee’s mandate is to ensure that
the Fund is sustainably financed, professionally managed, and capable
of delivering timely and fair protection to policyholders.
Financial Discipline: Ensure timely contributions, prudent
stewardship of assets, and sound controls that protect the Fund’s
long-term sustainability.
Fair and Credible Protection: Establish transparent processes that
support prompt claims decisions, consistent administration, and
public confidence in the Fund.
Transparency and Accountability: Maintain clear reporting and high
governance standards so that industry stakeholders and the public
can trust the Committee’s decisions.
You have been selected because of your accomplishments, expertise
and integrity, but those qualities must now translate into results. The
credibility of the IPPF will be measured by the discipline of its
governance, the fairness of its decisions, and the confidence it inspires
across the market.
NAICOM remains committed to providing the regulatory oversight,
technical support, and institutional backing required for the Committee to
succeed. At the same time, this Fund belongs to the insurance industry,
(Insurance Consumers), and must therefore be administered with
independence, professionalism, and a clear focus on policyholder
protection.
The Guidelines are designed to protect policyholders while preserving
the solvency and competitiveness of insurers. We expect the Committee
to uphold that balance through disciplined judgment, operational
readiness, and unwavering professionalism.
The inauguration of this Committee today therefore sends a clear signal
to the market and the public that consumer protection is central to the
future of insurance in Nigeria. If implemented with credibility and
consistency, the IPPF will strengthen trust, support deeper market
participation, and advance the broader goals of financial inclusion and
economic stability.
I urge you to approach this assignment with urgency and a clear sense
of duty to Nigerian public. Millions of Nigerians rely on insurance to
protect their homes, businesses, health, and future, and they will judge
this Fund by its readiness to respond fairly and effectively when it is
called upon.
On behalf of the National Insurance Commission, I congratulate all
members of the Committee on your appointment. I charge you to justify
this confidence through transparent governance, sound judgment, and a
steadfast commitment to protecting policyholders and strengthening the
market.
Thank you all, and may God bless the Federal Republic of Nigeria.
Olusegun Ayo Omosehin
Commissioner for Insurance/Chief Executive Officer
National Insurance Commission, Nigeria
