Posted by Chinenye on Tue 21st Jul, 2026 - tori.ng
The Senate has approved a major bill that changes the identity of Nigeria's insurance regulator, marking a significant shift for the industry.
(Senate. Photo by Premuimn times)
The Senate on Tuesday passed a bill renaming the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission (IRC).
The upper legislative chamber explained that the name change was necessary given that the former name had become confusing, citing the history and structure of the Nigerian insurance industry.
The Insurance Regulatory Commission Establishment Act was passed following the presentation and consideration of the Senate Committee on Banking, Insurance and Other Financial Institutions' report on the National Insurance Regulatory Commission (Repeal & Enactment) Bill, 2026 (SB. 394), presented by the committee chairman, Senator Adetokunbo Abiru.
Abiru moved that the Senate receive and consider the committee's report on the bill, which was sponsored by Senator Mukhail Adetokunbo Abiru alongside other members of the Senate Committee on Banking, Insurance and Other Financial Institutions.
With this development, NAICOM has officially rebranded and transitioned into the Insurance Regulatory Commission (IRC), following the bill's third reading and eventual passage.