The National Insurance Commission (NAICOM) has commended the Federal House of Representatives for passing the Insurance Reform Bill, marking a significant milestone in the transformation of Nigeria’s insurance sector.
This legislative achievement follows the Upper Chamber’s earlier passage of the Bill in December 2024. With both chambers of the National Assembly now in agreement, the stage is set for the Bill’s final assent by President Bola Ahmed Tinubu.
NAICOM, as the apex regulatory body of Nigeria’s insurance industry, has expressed optimism about the Bill’s potential to revolutionize the sector. The Commission believes that once signed into law, the Insurance Reform Bill will enhance industry penetration, boost public confidence, and improve overall competitiveness within the financial ecosystem.
“The passage of the Insurance Reform Bill by the National Assembly is a landmark achievement that underscores the commitment to strengthening the industry,” NAICOM stated. “We eagerly anticipate its assent by Mr. President, as it will pave the way for critical reforms that will deepen insurance adoption and make the sector more attractive to investors and policyholders alike.”
The Commission extended its appreciation to the leadership of the National Assembly for their efforts in passing the Bill. It remains hopeful that with the President’s approval, Nigeria’s insurance industry will witness a new era of growth, development, and increased contributions to the national economy.
As the nation awaits the final assent, industry stakeholders are poised for the potential benefits of the reform, which is expected to align Nigeria’s insurance sector with international best practices and enhance regulatory frameworks for better service delivery.
