The Senate has passed a bill for the renaming of the National Insurance Commission (NAICOM) as Insurance Regulatory Commission.
According to the Senate, the change to the new name is imperative against the backdrop that the former name is confusing given the history and make-up of the Nigerian Insurance Industry.
The bill seeks to provide protection for the Commission and its officers against adverse claims in respect of the execution of their powers.
The Senate on Tuesday passed the Insurance Regulatory Commission, IRS (Establishment) Act following the presentation and consideration of the Senate Committee on Banking, Insurance and other Financial Institutions National Insurance Regulatory Commission (Repeal & Enactment) Bill, 2026 (SB. 394) by the Chairman, Senator Adetokunbo Abiru, APC, Lagos East.
Senator Abiru said, “That the Senate do Receive and Consider the Report of the Committee on Banking, Insurance and Other Financial Institutions on the National Insurance Regulatory Commission (Repeal & Enactment) Bill, 2026 (SB. 394.”
The bill was sponsored by Senator Mukhail Adetokunbo Abiru, alongside all Members of the Senate Committee on Banking, Insurance and Other Financial Institutions.
With this, the National Insurance Commission, NAICOM, has officially rebranded and transitioned into the Insurance Regulatory Commission, IRC, after the bill was read the third time and passed.
Presenting the report, Senator Abiru said, “Established by the National Insurance Commission Decree of 1997, the National Insurance Commission was empowered to regulate insurance companies, brokers, and loss adjusters, ensuring they operate within set guidelines. It also mandates the Commission to protect policyholders, monitor financial solvency, and enforce industry-wide compliance. Over the years, NAICOM has been instrumental in promoting compliance, enforcing standards, and fostering the development of the insurance market.
“However, despite its significant contributions, the enabling law has become obsolete, failing to align with current realities and global best practices, and unable to keep pace with the evolving nature of the insurance industry, exposing numerous gaps in the law, necessitating urgent amendments.”
On the objectives of the Bill, Abiru said, “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs, and development of the insurance business.
