The Nigerian Senate has passed a bill seeking to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), a move that will see the agency renamed the Insurance Regulatory Commission (IRC) if signed into law.
The bill, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after lawmakers considered and adopted the report of the Senate Committee on Banking, Insurance and Other Financial Institutions.
Presenting the report, the committee chairman, Senator Adetokunbo Abiru (APC, Lagos East), said the existing National Insurance Commission Act of 1997 has become outdated and no longer meets the needs of Nigeria’s growing insurance industry.
“The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business,” Abiru said.
According to the Senate, the proposed name change is aimed at eliminating confusion surrounding the Commission’s current designation while better reflecting its role as the country’s insurance regulator.
The bill also seeks to strengthen the Commission’s independence by giving it greater authority to make regulatory decisions, issue guidelines and standards, collaborate with local and international regulatory bodies, and intervene more effectively in troubled insurance companies.
In addition, the legislation provides legal protection for the Commission and its officers against claims arising from the lawful performance of their official duties.
Lawmakers said the proposed reforms are designed to modernise Nigeria’s insurance regulatory framework, improve oversight of the sector, and enhance the protection of policyholders.
The bill will now proceed to the next legislative stage before it can become law.
