Nigerian Senate Passes Bill Renaming National Insurance Commission

The Senate of Nigeria passed the Insurance Regulatory Commission (Establishment) Bill, 2026, on July 21, which repeals the 1997 National Insurance Commission Act. The legislation renames the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission (IRC) to better align the agency's name with its regulatory mandate and international best practices.

Sponsored by Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, the bill expands the commission's authority and strengthens its independence. It introduces stricter enforcement measures, including higher fines, license suspensions, and the disqualification of individuals responsible for the failure of insurance institutions. The law also updates intervention protocols for distressed companies and allows the Minister of Finance to appoint interim management committees if governing board tenures expire.

The National Insurance Commission praised the reform as a milestone for financial inclusion and national development, stating the bill will increase oversight, transparency, and accountability. The legislation now moves to the House of Representatives for concurrence before proceeding to President Bola Tinubu for final assent.