On Tuesday, the Senate approved a resolution rebranding the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission (IRC).
The upper house of lawmakers has deemed the new name necessary due to the fact that the old one is difficult to understand, especially when considering the origins and composition of the Nigerian insurance sector.
After Chairman Senator Adetokunbo Abiru’s presentation and consideration of the National Insurance Regulatory Commission, Repeal & Enactment Bill, 2026 (SB. 394), the Senate Committee on Banking, Insurance and other Financial Institutions passed the Insurance Regulatory Commission, IRS, Establishment Act.
The National Insurance Regulatory Commission (Repeal & Enactment) Bill, 2026 (SB. 394) was presented by Senator Abiru, who stated, “That the Senate Receive and Consider the Report of the Committee on Banking, Insurance and Other Financial Institutions.”
All members of the Senate Committee on Banking, Insurance, and Other Financial Institutions, including Senator Mukhail Adetokunbo Abiru, served as bill sponsors.
After being read a third time and passing, the measure officially rebranded the National Insurance Commission, NAICOM, as the Insurance Regulatory Commission, IRC.