Senate Passes Reform Bill to Replace 1997 NAICOM Act

[00:00:00]And in the red chamber, the Senate has passed the Insurance Regulatory Commission Bill 2025, repealing the National Insurance Commission Act of 1997 in a move aimed at modernizing Nigeria's insurance regulatory framework. Lawmakers say the legislation will strengthen regulatory oversight, improve consumer protection, enhance the independence of the commission, and align Nigeria's insurance sector with global best practices. National Assembly correspondent TJI reports. Nearly three decades after the National Insurance Commission act came into force, the Senate has approved legislation to repeal the 1997 law and replace it with a new insurance regulatory commission act. The bill was passed after lawmakers considered the report of the Senate's committee on banking insurance and other financial institutions. as recommended by the committee for the approval of the Senate will go a long way in providing a comprehensive legal framework for the regulation supervision of all manner of insurance businesses in Nigeria and ensure that the industry is ablely is able to successfully compete on a global level and improve international competitiveness of Nigeria Nigeria's insurance industry. The committee says that the proposed legislation strengthens the independence and regulatory powers of the commission, enhances governance, introduces tougher enforcement measures, expands consumer protection, and provides a more effective framework for supervising insurance >> for doing a thorough job. During consideration, lawmakers praised the committee for what they described as a thorough and inclusive legislative process, noting that the bill reflects extensive consultations with regulators, operators, and other stakeholders.

[00:01:52]>> The first time now we're going to have a holistic legislation on the issue of insurance. The same way we have a holistic one today in investment and securities act. The same way we have Bofia. So insurance company is now being properly regulated by this bill. It is a new and enhanced regulation of insurance business.

[00:02:18]It will enable insurance practitioners uh to penetrate and then it will now boost the economy of the country.

[00:02:28]Following its passage, senators expressed confidence that the new legal framework would strengthen confidence in the insurance sector, improve regulation, protect policy holders, and position Nigeria's insurance industry to compete more effectively on the global stage. Following its passage, senators expressed confidence that the new legal framework will strengthen confidence in the insurance sector, improve regulation, protect policy holders, and position Nigeria's insurance industry to compete more effectively on the global stage. teachers news.