Abuja — Nigeria’s Senate has passed a bill formally renaming the National Insurance Commission (NAICOM) to the Insurance Regulatory Commission (IRC).
The upper chamber on Tuesday approved the National Insurance Regulatory Commission (Repeal & Enactment) Bill, 2026 after considering the report of the Senate Committee on Banking, Insurance and Other Financial Institutions. Senator Mukhail Adetokunbo Abiru (APC, Lagos East), Chairman of the committee and sponsor of the bill, presented the report.
Lawmakers said the rebranding was necessary because the existing name has become confusing in light of the history and
structure of Nigeria’s insurance industry.
The new legislation also seeks to shield the Commission and its officers from vexatious claims arising from the discharge of their statutory functions.
In his presentation, Senator Abiru noted that NAICOM was established by Decree in 1997 to regulate insurance operators, protect policyholders, and promote market stability. However, the 27-year-old law has failed to keep pace with the industry’s evolution and global standards.
“The Bill seeks to establish the independence of the Commission and strengthen its regulatory powers,” he said.
Among the major highlights of the new Act are expanded powers to collaborate with local and foreign regulators, issue binding guidelines, and intervene decisively in cases of distressed insurance firms to safeguard policyholders and the financial system.
The legislation further sets stringent qualification requirements for members of the Commission’s Governing Board, mandating relevant expertise in insurance, finance, risk management, law, and corporate governance.
Following its third reading and passage, the bill paves the way for NAICOM’s official transition into the Insurance Regulatory Commission, IRC.
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