The National Insurance Commission (NAICOM) has commended the Senate for passing the National Insurance Regulatory Commission Bill, describing the development as a significant step toward strengthening the regulation of Nigeria’s insurance industry.
In a statement, the Commission specifically praised the leadership of the Senate and Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Mukail Abiru, for their roles in securing the passage of the bill in the upper legislative chamber.
NAICOM said the legislation would strengthen the regulatory framework for the insurance sector by enhancing oversight, transparency and accountability, thereby boosting public confidence, attracting investment and supporting sustainable industry growth.
According to the Commission, the bill is expected to benefit policyholders, insurance operators and the wider economy while advancing financial inclusion and promoting the stability of Nigeria’s financial system.
The Commission also acknowledged the Senate’s commitment to reforms aimed at modernising insurance regulation, noting that the collaborative efforts behind the legislation underscore its importance to the protection of citizens and the growth of the sector.
NAICOM reaffirmed its readiness to implement the provisions of the legislation once it receives presidential assent, adding that it would continue to work with stakeholders to position the insurance industry as a catalyst for national development.
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