Senate Overhaul of NAICOM Act

The Senate passed the Insurance Regulatory Commission Bill, 2025, on Tuesday, aiming to modernize Nigeria's insurance regulation. The bill seeks to replace the National Insurance Commission Act, 1997, enhance the regulator's powers, and introduce stricter sanctions for regulatory

Nigeria's Senate has approved legislation to repeal the nearly 30-year-old National Insurance Commission Act and establish a modernized regulatory framework…

The Nigerian Senate passed a bill to repeal the NAICOM Act of 1997, establishing a new legal framework for the insurance industry. The proposed legislation aims to modernize regulations, strengthen oversight, and align the sector with global best practices.