The National Insurance Commission (NAICOM) days of moribund approved name of Nigeria’s insurance regulator are numbered as a new name has been passed in the Senate to be known as National Insurance Regulatory Commission.
In a statement appreciating the change, the National Insurance Commission NAICOM, said Senator Adetokunbo Mukail Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, has been pivotal in the successful passage of the National Insurance Regulatory Commission Bill in the Red Chamber.
This landmark legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. With enhanced oversight, transparency, and accountability, the Bill will deepen public confidence, attract investment, and promote sustainable growth that benefits policyholders, operators, and the broader economy.
NAICOM cleared that it acknowledges the vision, dedication, and collaborative spirit demonstrated by the Senate in championing reforms that will modernize insurance regulation and advance financial inclusion in Nigeria. Their commitment underscores the importance of this achievement for the protection of citizens and the stability of the financial sector.
The Commission reaffirms its readiness to ensure the effective implementation of the provisions of the new law once signed, and to continue working closely with all stakeholders to position the insurance industry as a catalyst for national development.
