The Nigerian Senate has officially passed a bill to rebrand the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission (IRC). Legislators argued that the previous name caused confusion regarding the structure and historical context of the nation’s insurance sector.
Senator Adetokunbo Abiru, who chairs the Senate Committee on Banking, Insurance and other Financial Institutions, introduced the bill. The legislation aims to update the outdated 1997 decree, which lawmakers described as obsolete and unable to match current global industry standards. By transitioning to the IRC, the agency gains strengthened regulatory powers, including enhanced autonomy to issue directives and collaborate with international supervisory bodies.
A core focus of the new law is the provision of legal protection for the commission and its staff against claims arising from the execution of their official duties. Additionally, the bill mandates stricter qualifications for Governing Board members, requiring expertise in areas such as finance, risk management, and law to ensure competent leadership. This legislative move is intended to improve financial stability, protect policyholders, and provide a framework for managing distressed insurance firms more effectively.
