The Senate on Tuesday passed a bill seeking to change the name of the National Insurance Commission (NAICOM) to the Insurance Regulatory Commission, as part of wider reforms aimed at strengthening the regulation of Nigeria’s insurance industry.
The legislation was passed after the Senate considered and adopted the report of the Committee on Banking, Insurance and Other Financial Institutions, presented by its Chairman, Tokunbo Abiru.
The Senate President, Godswill Akpabio, announced the passage of the bill after lawmakers overwhelmingly endorsed it through a voice vote.
The bill, sponsored by
Abiru and other members of the Senate Committee on Banking, Insurance and Other Financial Institutions, seeks to modernise the legal framework guiding insurance regulation in the country.
Presenting the committee’s report, Abiru said the proposed change of name became necessary because the existing designation had become outdated and no longer reflects the commission’s role in the evolving insurance sector.
He said
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