By Ginika Okoye
Abuja, March 13, 2025 (NAN) – The National Insurance Commission (NAICOM) has hailed the passage of the Insurance Reform Bill by the House of Representatives, describing it as a significant step toward transforming Nigeria’s insurance industry.
In a statement issued on Thursday, NAICOM described the passage as a milestone that will modernize the industry, enhance regulatory oversight, and boost public confidence.
The commission expressed optimism that the bill, once signed into law by the President, would bring about improved insurance penetration, increased investor confidence, and greater competitiveness within the sector.
“The commission is enthusiastic about the prospects of the bill receiving presidential assent, which will pave the way for implementing its provisions.
“As the apex regulator of the insurance industry, NAICOM is committed to ensuring that the sector contributes positively to Nigeria’s financial landscape.
“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 News Agency of Nigeria (NAN) recalls that the House of Representatives passed the Nigeria Insurance Industry Reform Act, 2024, on March 12. The Senate had earlier approved the bill in December 2024.
The bill seeks to establish a comprehensive legal and regulatory framework for Nigeria’s insurance sector, addressing long-standing challenges and aligning industry regulations with global best practices.
The new Act repeals several outdated insurance laws, including:
• The Insurance Act, Cap 117, Laws of the Federation of Nigeria, 2004
• The Marine Insurance Act, Cap M3, Laws of the Federation of Nigeria, 2004
• The Motor Vehicle (Third Party) Insurance Act, Cap M22, Laws of the Federation of Nigeria, 2004
• The National Insurance Corporation of Nigeria Act, Laws of the Federation of Nigeria, 2004
• The Nigerian Insurance Reinsurance Corporation Act, Cap N131, Laws of the Federation of Nigeria, 2004
The repeal of these laws is expected to eliminate regulatory bottlenecks, promote innovation in the industry, and ensure that insurance policies are more accessible to Nigerians.
NAICOM reaffirmed its commitment to working with stakeholders to implement the bill’s provisions effectively, ensuring that the reforms translate into tangible benefits for consumers, businesses, and the economy at large.
The commission urged all stakeholders, including insurance companies, policymakers, and the general public, to support the reform process, noting that a vibrant insurance sector is crucial for economic resilience and financial inclusion
📌 Editor’s Note: For content partnerships and collaborations, reach out via editor@naija247news.com
Naija247news Media Group LLC is committed to ethical, independent journalism that serves the public interest. Our editorial process prioritizes accuracy, fairness, and transparency in reporting. All content is fact-checked and held to the highest standards of integrity. Learn more in our full editorial policy here.
© 2025 Naija247news Media Group LLC. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from Naija247news Media Group LLC.
Reporting by Joshua Chinonye in Lagos, Nigeria.
