NAICOM welcomes passage of Insurance Reform Bill by House of Representatives
Commissioner For Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr Olusegun Omosehin
Abdullateef Fowewe
The National Insurance Commission (NAICOM) has welcomed the passage of the Insurance Reform Bill by the Federal House of Representatives. This follows the passage of the Bill by Upper Chamber earlier in December 2024.
In a statement on Thursday, it said this is a milestone achievement that marks yet another significant step towards transforming the insurance industry in Nigeria.
It stated, “The Commission is enthusiastic about the prospects of the bill receiving assent from Mr. President, which will pave the way for the implementation of its provisions.
“As the apex regulator of the insurance industry, NAICOM is committed to ensuring that the sector contributes positively to Nigeria’s financial landscape. We believe that by the time the Insurance Reform Bill is signed into Law, it will have a profound impact on the industry, leading to improved penetration, increased public confidence, and enhanced competitiveness.
“We salute the leadership of the National Assembly for their efforts in passing the bill and look forward to its assent by Mr. President. We are confident that the Reform Bill will usher in a new era of growth and development for the insurance industry in Nigeria.”
Dailyeconomy had earlier reported that the House of Representatives, on Wednesday, passed the Nigerian Insurance Industry Reform Act Bill, 2025 (SB. 393).
According to the House of Representatives Releases Order Paper, Office of the House Spokesman for Wednesday, March 12, 2025 obtained by Dailyeconomy, the Bill was presented by Hon. Julius Ihonvbere, Owan Federal Constituency.
Part of the day’s Bills was the Bill for an Act to Repeal the Insurance Act, Cap. I 17, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap. M3, Laws of the Federation of Nigeria, 2004; the Motor Vehicle (Third Party) Insurance Act, Cap. M22, Laws of the Federation of Nigeria, 2004; the National Insurance Corporation of Nigeria, Act, Cap. N54, Laws of the Federation of Nigeria, 2004; the Nigerian Reinsurance Corporation Act, Cap. N131, Laws of the Federation of Nigeria, 2004 and Enact the Nigerian Insurance Industry Reform Act, 2005 to Provide for a Comprehensive Legal and Regulatory Framework for Insurance Business in Nigeria and for Related Matters (SB. 393).
