Senate Renames NAICOM to Insurance Regulatory Commission

On Tuesday, the Nigerian Senate passed a bill to rename the National Insurance Commission (NAICOM) to the Insurance Regulatory Commission (IRC) as part of efforts to strengthen regulatory oversight in Nigeria's insurance industry. The bill was approved during a plenary session after consideration of a report by the Senate Committee on Banking, Insurance, and Financial Institutions, chaired by Senator Adetokunbo Abiru, who sponsored the bill.

The Senate President, Godswill Akpabio, facilitated a voice vote, which saw overwhelming support for the bill. The legislation aims to broaden the commission's mandate, empowering it to ensure effective administration, supervision, and regulatory control within the insurance sector.

It introduces tougher enforcement measures, including higher financial penalties for regulatory violations and provisions for the suspension of operating licenses. The bill also mandates the Ministry of Finance to constitute an interim management committee within 30 days whenever the tenure of the commission's governing board expires.

Following the Senate's approval, the bill will proceed to the House of Representatives and, upon concurrence, will be transmitted to President Bola Tinubu for assent.