The House of Representatives has approved the Nigerian Insurance Industry Reform Act Bill, 2025 (SB. 393), introduced by Hon. Julius Ihonvbere of Owan Federal Constituency.

The bill aims to repeal several existing insurance-related laws, including the Insurance Act, the Marine Insurance Act, and the National Insurance Corporation of Nigeria Act, replacing them with a unified regulatory framework to modernize the industry. 

Following the Senate’s passage of the bill in December 2024, lawmakers emphasized that the reforms would raise the minimum capital requirements for insurance and reinsurance businesses.

The new capital thresholds are set at N10 billion for life insurance, N15 billion for non-life insurance, and N35 billion for reinsurance, significantly increasing from the levels established in 2007.