Senate passes bill to rename NAICOM

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

The upper legislative chamber said the change to the new name is imperative against the backdrop that the former name is confusing, citing the history and make-up of the Nigerian Insurance Industry.

The Insurance Regulatory Commission, IRS, Establishment Act was passed following the presentation and consideration of the Senate Committee on Banking, Insurance and other 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 on Banking, Insurance and Other Financial Institutions on the National Insurance Regulatory Commission (Repeal & Enactment) Bill, 2026 (SB. 394.”

The bill was sponsored by Senator Mukhail Adetokunbo Abiru, alongside all Members of the Senate Committee on Banking, Insurance and Other Financial Institutions.

With this, the National Insurance Commission, NAICOM, has officially rebranded and transitioned into the Insurance Regulatory Commission, IRC, after the bill was read the third time and passed.

Senate passes bill to rename NAICOM