Senate Passes Bill to Rename NAICOM

The Senate passed a bill on Tuesday to rename NAICOM as the Insurance Regulatory Commission. The proposed legislation aims to strengthen the 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 received approval after the Senate reviewed the report from its Committee on Banking, Insurance and Other Financial Institutions. Senator Adetokunbo Abiru, who represents Lagos East, presented the report before lawmakers considered the bill clause by clause and approved it for third reading.

The proposed Insurance Regulatory Commission would replace NAICOM after the legislative process is completed and receives presidential assent. The Senate said the name change would remove confusion and better represent the regulator’s role in Nigeria’s insurance industry.

Abiru explained that NAICOM was created under a 1997 decree to regulate insurance companies, brokers and loss adjusters. He said the commission also protects policyholders, monitors the financial strength of insurers and ensures compliance with industry rules.

“Over the years, NAICOM has been instrumental in promoting compliance, enforcing standards and fostering the development of the insurance market,” Abiru said.

He added that the current law no longer matches modern needs and global standards. The Insurance Regulatory Commission would have stronger authority to issue guidelines, share information with other regulators and support troubled insurance companies.

The bill also introduces clearer requirements for board members, focusing on expertise in insurance, finance, law, risk management and corporate governance. The Insurance Regulatory Commission would help protect consumers, support financial stability and encourage the growth of Nigeria’s insurance sector.

Do you think these reforms will improve confidence in Nigeria’s insurance industry?