Nigeria’s upper legislative chamber, the Senate on Tuesday passed a bill to rename the Nigerian Insurance Commission (NAICOM) as the Insurance Regulatory Commission.
The legislative move was part of the upper chamber’s legislative roles aimed at strengthening the Insurance industry regulator’s independence, increase its supervisory powers, and protect its officers when they lawfully perform their duties.
The National Insurance Regulatory Commission (Repeal and Enactment) Bill 2026 was passed following the Senate’s review of the report from its Committee on Banking, Insurance and Other Financial Institutions.
The chairman of the committee, Senator Adetokunbo Abiru, presented the report before lawmakers considered the bill clause by clause and approved it for third reading.
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The lawmaker recalled that the NAICOM was created under a 1997 decree to regulate insurance companies, brokers and loss adjusters as well as protect policyholders, monitors the financial strength of insurers and ensures compliance with industry rules.
He said: “Over the years, NAICOM has been instrumental in promoting compliance, enforcing standards and fostering the development of the insurance market.”
Abiru maintained that the current provisions of the law were no longer adaptable to modern needs and global standards, hence the need to have an Insurance Regulatory Commission that would have stronger authority to issue guidelines, share information with other regulators and support insurance companies.
If the amendment Bill is signed by the President, the proposed Insurance Regulatory Commission would replace the NAICOM and enhance the regulator’s role in Nigeria’s insurance industry.
