Senate Passes Bill To Rename NAICOM As Insurance Regulatory Commission

The Senate has passed a bill to repeal the law establishing the National Insurance Commission and replace it with a new Insurance Regulatory Commission.

The bill, titled the Insurance Regulatory Commission (Establishment) Bill, 2025, seeks to repeal the National Insurance Commission Act of 1997 and give the insurance regulator a wider legal mandate.

Senate Leader Opeyemi Bamidele led the debate, while the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Mukhail Adetokunbo Abiru, presented the report considered by lawmakers.

Premium Times and Channels TV reported that the bill broadens the commission’s role to cover the administration, supervision, regulation, control, integrity and development of Nigeria’s insurance industry.

The Senate said the proposed name change was meant to remove confusion around the existing NAICOM title and make the regulator’s role clearer. The bill was passed after clause-by-clause consideration.

Sources: Daily Post, Premium Times, Punch, Channels TV