The Senate has repealed the nearly three-decade-old National Insurance Commission Act of 1997, saying the legislation had become outdated and was no longer adequate to regulate Nigeria’s evolving insurance industry.
To address the gaps in the old law, lawmakers on Tuesday passed the Insurance Regulatory Commission Bill, 2025, which seeks to establish a modern legal framework for supervising the insurance sector, strengthen regulatory oversight and align Nigeria’s insurance industry with global best practices.
The bill, which scaled third reading after the Senate adopted the report of the Committee on Banking, Insurance and Other Financial Institutions, will replace the existing NAICOM Act if approved by the House of Representatives and assented to by President Bola Tinubu.
Under the proposed law, the National Insurance Commission will be renamed the Insurance Regulatory Commission, while the regulator will receive broader powers to supervise operators, enforce compliance and impose stiffer penalties for regulatory violations.
Presenting
This post was originally published on this site.
