Senate passes bill to rename NAICOM as Regulatory Commission

The Nigerian Senate passed a bill on Tuesday, July 21, 2026, to overhaul the country's insurance regulatory framework, voting to repeal the existing National Insurance Commission Act of 1997 and replace it with a new law establishing the Insurance Regulatory Commission. The legislation, which passed its third reading, aims to modernize oversight, strengthen the regulator's independence, and align the sector with global standards.

The bill was approved after the Senate considered and adopted a report from its Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Adetokunbo Abiru. In presenting the report, Abiru argued that the nearly three-decade-old law is outdated and no longer reflects Nigeria's evolving economic realities or international regulatory best practices. He stated that the current act does not adequately address the emerging needs and development of the insurance business.

A central provision of the new bill is the renaming of the regulator from the National Insurance Commission (NAICOM) to the Insurance Regulatory Commission (IRC). Lawmakers said the change is intended to eliminate confusion associated with the current name and to...