The National Insurance Commission (NAICOM) has praised the Senate for passing the National Insurance Regulatory Commission Bill, describing it as a significant step toward strengthening the regulation of Nigeria’s insurance sector.
In a statement issued yesterday, the Commission said the proposed legislation would improve regulatory oversight, promote transparency and accountability, and boost public confidence in the insurance industry.
NAICOM noted that the bill is expected to attract more investment into the sector while supporting sustainable growth that will benefit policyholders, insurance operators and the wider economy.
The Commission also commended the Senate leadership and Senator Abiru for driving the reforms, saying their efforts would help modernise insurance regulation, expand financial inclusion and enhance the protection of citizens while promoting stability in the financial sector.
NAICOM reaffirmed its readiness to implement the provisions of the new law once it receives presidential assent, adding that it will continue working with stakeholders to position the insurance industry as a key contributor to Nigeria’s economic development.
