NAICOM Backs Bill To Modernise Insurance Regulation

The National Insurance Commission (NAICOM) has commended the Senate for approving the National Insurance Regulatory Commission Bill, expressing particular appreciation to the leadership of the Red Chamber and Senator Adetokunbo Mukail Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, for their leadership and commitment in securing the Bill’s passage.

The passage of the Bill marks a significant step toward strengthening the legal and regulatoryframework governing Nigeria’s insurance industry.

By enhancing regulatory oversight, transparency, and accountability, the legislation is expected to boost public trust, encourage investment, and support the sustainable growth of the insurance sector for the benefit of policyholders, industry operators, and the nation’s economy.

NAICOM also praised the Senate leadership and Senator Abiru for their foresight, dedication, and collaborative approach in advancing reforms aimed at modernizing insurance regulation and expanding financial inclusion across the country.

The Commission noted that the achievement reflects a shared commitment to protecting the interests of Nigerians while promoting the stability and resilience of the financial system.

The Commission reaffirmed its commitment to ensuring the smooth implementation of the new law upon presidential assent and pledged to continue working with stakeholders to strengthen the insurance industry as a key driver of Nigeria’s economic growth and national development.