NAICOM commends Senate on passage of National Insurance Regulatory Commission Bill
Commissioner for Insurance, NAICOM, Mr. Segun Omosehin
Nike Popoola
The National Insurance Commission (NAICOM) has commended the leadership of the Senate and the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Mukail Abiru, for their instrumental role in securing the passage of the National Insurance Regulatory Commission Bill.
In a statement issued on Wednesday, the Commission described the passage of the Bill by the Red Chamber as a landmark achievement that will strengthen the regulatory architecture of Nigeria’s insurance industry and support its long-term growth and development.
According to NAICOM, the proposed legislation represents a significant milestone in efforts to modernise insurance regulation in the country by enhancing oversight, transparency and accountability across the sector.
The Commission noted that the new law, once assented to, is expected to boost public confidence in the insurance industry, attract greater investment, and promote sustainable growth for the benefit of policyholders, operators and the broader economy.
NAICOM specifically acknowledged the vision, dedication and collaborative approach demonstrated by the Senate leadership and Senator Abiru in championing reforms aimed at advancing financial inclusion and strengthening Nigeria’s financial system.
“Their commitment underscores the importance of this achievement for the protection of citizens and the stability of the financial sector,” the Commission stated.
NAICOM further reaffirmed its readiness to ensure the effective implementation of the provisions of the legislation upon its eventual signing into law. The Commission also pledged to continue working closely with stakeholders to position the insurance industry as a catalyst for national development.
