The Senate has passed a bill to rename the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission (IRC) as part of sweeping reforms aimed at strengthening the regulation of Nigeria’s insurance industry.
The legislation, passed after the consideration of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions, seeks to modernise the legal framework governing the sector by repealing the existing NAICOM Act of 1997.
The proposed law will enhance the Commission’s independence, strengthen its regulatory and enforcement powers, improve collaboration with local and international regulators, and equip it with stronger intervention measures to protect policyholders and maintain financial stability.
Lawmakers said the name change reflects the Commission’s expanded mandate and aligns Nigeria’s insurance regulatory framework with global best practices.
