Senate Passes Landmark Insurance Reform Bill to Replace 1997 NAICOM Act

• Committee clears Yuguda as AMCON Board Chairman

Sunday Aborisade in Abuja

The Senate yesterday recorded two major milestones in Nigeria’s financial sector, passing a landmark Insurance Regulatory Commission Bill to replace the nearly three-decade-old National Insurance Commission (NAICOM) Act of 1997.

Also in a separate development, the Committee on Banking Insurance and other Financial Institutions, overwhelmingly cleared former Director-General of the Securities and Exchange Commission (SEC) and current Deputy Governor of the Central Bank of Nigeria (CBN), Mr. Lamido Yuguda, for appointment as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).

The insurance reform legislation, described by lawmakers as one of the most comprehensive overhauls of Nigeria’s insurance regulatory framework in decades, seeks to modernise regulation, strengthen consumer protection, enhance financial stability and align the nation’s insurance industry with global best practices.