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.

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‎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.

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‎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.

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‎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.”

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

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‎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.

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