Senate passes bill to rename NAICOM

The Senate on Tuesday passed a measure for the renaming of the National Insurance Commission, NAICOM arsenic Insurance Regulatory Commission, IRC.

The precocious legislative enclosure said the alteration to the caller sanction is imperative against the backdrop that the erstwhile sanction is confusing, citing the past and make-up of the Nigerian Insurance Industry.

The Insurance Regulatory Commission, IRS, Establishment Act was passed pursuing the presumption and information of the Senate Committee connected Banking, Insurance and different Financial Institutions National Insurance Regulatory Commission, Repeal & Enactment Bill, 2026 (SB. 394) by the Chairman, Senator Adetokunbo Abiru.

Senator Abiru said, “That the Senate Receive and Consider the Report of the Committee connected Banking, Insurance and Other Financial Institutions connected the National Insurance Regulatory Commission (Repeal & Enactment) Bill, 2026 (SB. 394.”

The measure was sponsored by Senator Mukhail Adetokunbo Abiru, alongside each Members of the Senate Committee connected Banking, Insurance and Other Financial Institutions.

With this, the National Insurance Commission, NAICOM, has officially rebranded and transitioned into the Insurance Regulatory Commission, IRC, aft the measure was work the 3rd clip and passed.

Senate passes measure to re...