Senate Approves New Insurance Regulatory Commission Act

On Tuesday, the Nigerian Senate approved the Insurance Regulatory Commission (IRC) (Establishment) Act, 2026, which repeals the National Insurance Commission (NAICOM). The bill was presented by Senator Adetokunbo Abiru, who chairs the Committee on Banking, Insurance and other Financial Institutions.

Abiru stated that the renaming was necessary due to confusion surrounding the former name and emphasized that the existing NAICOM Act from 1997 is outdated and does not align with current economic realities or global best practices. The new legislation aims to establish the independence of the IRC, allowing it to make decisions without external influence.

It also grants the IRC the authority to exchange information with both domestic and international regulatory bodies and to issue regulations and guidelines to stakeholders. Furthermore, the bill sets clear requirements for board membership, ensuring that only professionals with relevant expertise are appointed, thereby enhancing the regulatory framework for Nigeria’s insurance sector.