The Senate has passed a bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was approved after the Senate considered and adopted the report of its Committee on Banking, Insurance and Other Financial Institutions.
Presenting the report, Chairman of the Committee, Senator Adetokunbo Abiru (APC, Lagos East), said the proposed legislation became necessary because the National Insurance Commission Act of 1997 is outdated and no longer reflects the realities of Nigeria’s evolving insurance industry or aligns with global regulatory standards.
According to the Senate, the decision to rename the Commission was driven by the need to eliminate confusion associated with the current designation and to better reflect the agency’s core regulatory role in Nigeria’s insurance sector.
The bill also grants legal protection to the Commission and its officers against adverse claims arising from the lawful execution of their statutory responsibilities.
