The Senate on Tuesday passed the Insurance Regulatory Commission Bill, 2025, seeking to repeal the National Insurance Commission Act, 1997, and establish a new legal framework for regulating Nigeria’s insurance industry.
The proposed legislation, which scaled third reading after lawmakers considered and adopted the report of the Senate Committee on Banking, Insurance and Other Financial Institutions, is aimed at modernising insurance regulation, strengthening oversight and aligning the sector with global best practices.
If signed into law by President Bola Tinubu, the bill will replace the nearly three-decade-old NAICOM Act, strengthen the powers of the insurance regulator, introduce tougher sanctions for regulatory breaches and rename the National Insurance Commission as the Insurance Regulatory Commission.
Presenting the committee’s report, the Chairman of the committee, Senator Tokunbo Abiru (APC, Lagos East), said the existing law had become outdated and no longer reflected the realities of Nigeria’s evolving insurance industry.
He noted that the
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