The Senate has passed a bill for the renaming of the National Insurance Commission as the Insurance Regulatory Commission.
According to the Senate, the change to the new name is imperative against the backdrop that the former name is confusing given the history and make-up of the Nigerian Insurance Industry.
The bill seeks to provide protection for the Commission and its officers against adverse claims in respect of the execution of their powers.
The Senate on Tuesday passed the Insurance Regulatory Commission Establishment Act following the presentation and consideration of the Senate Committee on Banking, Insurance and other Financial Institutions National Insurance Regulatory Commission Bill, 2026, by the Chairman, Senator Adetokunbo Abiru.
Presenting the report, Senator Abiru said that the National Insurance Commission was established by the National Insurance Commission Decree of 1997 to regulate insurance companies, brokers, and loss adjusters, ensuring they operate within set guidelines.
“However, despite its significant contributions, the enabling law has become obsolete, failing to align with current realities and global best practices, and unable to keep pace with the evolving nature of the insurance industry, exposing numerous gaps in the law, necessitating urgent amendments,” he said.
On the objectives of the Bill, Abiru said the current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs, and development of the insurance business.
“The Bill seeks to establish the independence of the Commission and strengthen its regulatory powers, including the ability to make decisions without undue influence,” he said.
“The Bill also grants the Commission enhanced powers to exchange information and collaborate with domestic and international regulatory and supervisory authorities, issue regulations, guidelines, standards, and directives to relevant government institutions and stakeholders on insurance-related matters, and exercise strengthened resolution and intervention powers to address financially distressed insurers, protect policyholders, preserve financial stability, and facilitate the orderly resolution of failing insurance institutions.”
With this, the National Insurance Commission has officially rebranded and transitioned into the Insurance Regulatory Commission after the bill was read the third time and passed. The bill was sponsored by Senator Abiru alongside all members of the Senate Committee on Banking, Insurance and Other Financial Institutions.
