Elated by the passage of the passage of Insurance Reform Bill by the Federal House of Representatives, the National Insurance Commission (NAICOM) has swiftly wired its welcome of the last legislative thump-up by the Representatives calling it a milestone achievement that marks yet another significant step towards transforming the insurance industry in Nigeria. The Senate had earlier in December 2024 passed the bill and transmitted same to the Reps for concurrence.
Putting the Commission on a race starting block and content with today’s Legislature uptick the statement cleared “The Commission is enthusiastic about the prospects of the bill receiving assent from Mr. President, which will pave the way for the implementation of its provisions.”
As the apex regulator of the insurance industry, NAICOM is committed to ensuring that the sector contributes positively to Nigeria’s financial landscape. We believe that by the time the Insurance Reform Bill is signed into Law, it will have a profound impact on the industry, leading to improved penetration, increased public confidence, and enhanced competitiveness.
We salute the leadership of the National Assembly for their efforts in passing the bill and look forward to its assent by Mr. President. We are confident that the Reform Bill will usher in a new era of growth and development for the insurance industry in Nigeria.
