Adedokun Waliyu 
The Senate has passed a bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate adopted the report of its Committee on Banking, Insurance and Other Financial Institutions.
Presenting the report, the committee’s chairman, Senator Adetokunbo Abiru (APC, Lagos East), said the existing National Insurance Commission Act of 1997 had become outdated and no longer reflected the realities of Nigeria’s evolving insurance industry or current global regulatory standards.
According to the Senate, the decision to rename the Commission is intended to eliminate confusion associated with its current designation and better reflect its role as the country’s insurance industry regulator.
The bill also provides legal protection for the Commission and its officers against claims arising from the lawful execution of their official responsibilities.
Senator Abiru noted that the existing law had become obsolete, creating regulatory gaps that require urgent legislative intervention.
He said the proposed legislation is designed to strengthen the Commission’s independence by empowering it to make regulatory decisions without undue external influence.
The bill also enhances the Commission’s authority to exchange information and collaborate with both domestic and international regulatory bodies. It empowers the regulator to issue regulations, guidelines, standards and directives on insurance-related matters, while also strengthening its ability to intervene in financially distressed insurance companies to protect policyholders and safeguard the stability of the insurance sector.
