By Henry Umoru
The Senate has passed a bill for the renaming of the National Insurance Commission (NAICOM) as 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, IRS (Establishment) Act following the presentation and consideration of the Senate Committee on Banking, Insurance and other Financial Institutions National Insurance Regulatory Commission (Repeal & Enactment) Bill, 2026 (SB. 394) by the Chairman, Senator Adetokunbo Abiru, APC, Lagos East.
