JURISDICTIONAL OVERLAPS IN INSURANCE REGULATION: NIIRA 2025 AND COMPETITION LAW IN NIGERIA

Abstract

The emergence of the 2025 Nigerian Insurance Industry Reform Act (NIIRA) has ushered in significant changes to the Nigerian insurance sector. The Act introduces several notable provisions that distinguish it from previous insurance legislation. However, some of these provisions have raised concerns about possible jurisdictional overlap with the Federal Competition and Consumer Protection Commission (FCCPC) in matters relating to competition law. This article examines the evolution of insurance legislation in Nigeria leading to the enactment of NIIRA, analysing its objectives and the legislative intent behind its provisions. It adopts a theoretical framework that explores the relationship between the sector-specific regulator, the National Insurance Commission (NAICOM), and the economy-wide regulator, the FCCPC. The article further examines instances of jurisdictional overlap involving the FCCPC and other sector regulators, with reference to relevant case law. It then analyses the extent of the overlap under NIIRA and provides a comparative assessment of regulatory approaches adopted in other jurisdictions. Finally, the article proposes recommendations aimed at resolving jurisdictional conflicts and strengthening Nigeria’s regulatory framework.