The National Insurance Commission has commended the Senate for the successful passage of the National Insurance Regulatory Commission Bill.

In a statement released on Wednesday, NAICOM said the legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry.

The Commission stated: “This landmark legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. With enhanced oversight, transparency, and accountability, the Bill will deepen public confidence, attract investment, and promote sustainable growth that benefits policyholders, operators, and the broader economy.”

“NAICOM acknowledges 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.”

“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.”