NAICOM Applauds Passage of Insurance Reform Bill by House of Representatives

By LOVETH AZODO,  Lagos

The National Insurance Commission (NAICOM) has welcomed the passage of the Insurance Reform Bill by the House of Representatives, describing it as a significant step toward transforming Nigeria’s insurance industry.

The passage by the lower chamber follows the Senate’s approval of the bill earlier in December 2024, bringing it closer to becoming law.

The Commission expressed optimism that the bill would soon receive presidential assent, paving the way for its implementation.
In a statement, NAICOM emphasized the bill’s potential to enhance insurance penetration, boost public confidence, and improve the sector’s competitiveness.

The regulator reaffirmed its commitment to ensuring that the industry contributes positively to Nigeria’s financial landscape.

“We salute the leadership of the National Assembly for their efforts in passing the bill and look forward to its assent by Mr. President. We are confident that the Reform Bill will usher in a new era of growth and development for the insurance industry in Nigeria,” the Commission stated.

The bill’s enactment is expected to introduce critical reforms aimed at strengthening regulatory oversight, improving consumer protection, and fostering innovation in the sector.