The National Insurance Commission (NAICOM) has applauded the leadership of the Nigerian Senate and Senator Adetokunbo Mukail Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, for steering the National Insurance Regulatory Commission Bill to successful passage in the Red Chamber.
In a statement issued on Wednesday, NAICOM described the development as a landmark achievement that marks a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry.
The Commission noted that the Bill, once fully enacted, would enhance oversight, transparency, and accountability, deepen public confidence, attract investment, and promote sustainable growth that benefits policyholders, operators, and the broader economy.
NAICOM specifically praised the vision, dedication, and collaborative spirit demonstrated by the Senate leadership and Senator Abiru in championing reforms that will modernize insurance regulation and advance financial inclusion in Nigeria.
“Their commitment underscores the importance of this achievement for the protection of citizens and the stability of the financial sector,” it said.
The Commission reaffirms its readiness to ensure the effective implementation of the provisions of the new law once signed, and to continue working closely with all stakeholders to position the insurance industry as a catalyst for national development.
