Senate Passes Bill to Rename NAICOM as Insurance Regulatory Commission
The Senate on Tuesday passed a bill seeking to rename the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission (IRC) in a move aimed at strengthening the regulation and oversight of Nigeria’s insurance industry.
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed following the consideration and adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions. The bill repeals the National Insurance Commission Act of 1997 and introduces a new legal framework to modernise insurance regulation in the country.
Chairman of the committee, Senator Adetokunbo Abiru, said the existing NAICOM Act has become outdated and no longer adequately addresses the realities of Nigeria’s evolving insurance sector. He explained that the proposed law is designed to eliminate confusion associated with the commission’s current name while reinforcing its role as an independent regulator.
According to the lawmaker, the bill seeks to strengthen the commission’s regulatory and supervisory powers, improve corporate governance, enhance consumer protection and provide legal backing for the commission and its officers in the discharge of their responsibilities.
He noted that the reforms would align Nigeria’s insurance regulatory framework with international best practices, improve public confidence in the insurance industry and create an enabling environment for sustainable growth within the sector.
The bill now awaits concurrence by the House of Representatives before being transmitted to President Bola Tinubu for assent. If signed into law, the National Insurance Commission will officially become the Insurance Regulatory Commission (IRC), marking a significant milestone in the ongoing reform of Nigeria’s insurance industry.