The National Insurance Commission (NAICOM) has welcomed the passage of the Insurance Reform Bill by the Federal House of Representatives, following its earlier approval by the Senate in December 2024. The bill’s progress represents a significant milestone in the ongoing efforts to transform Nigeria’s insurance industry.
NAICOM expressed optimism that the bill will receive presidential assent, enabling the implementation of its key provisions aimed at enhancing the industry’s contribution to Nigeria’s financial landscape.
As the apex regulatory body for the insurance sector, NAICOM is confident that once the Insurance Reform Bill becomes law, it will boost insurance penetration, improve public confidence, and enhance competitiveness across the sector.
The Commission commended the leadership of the National Assembly for its commitment to advancing the bill and expressed hope that its enactment will mark the beginning of a new era of growth and development for the insurance industry in Nigeria.
