The Nigerian Senate has passed the Insurance Regulatory Commission Bill, 2026, repealing the nearly three-decade-old National Insurance Commission (NAICOM) Act of 1997 and introducing a stronger legal framework to modernise the country’s insurance industry. The proposed legislation is designed to improve regulatory oversight, strengthen consumer protection, and align Nigeria’s insurance sector with international best practices.

The bill, which has passed its third reading in the Senate, will establish the Insurance Regulatory Commission as the new industry regulator, replacing the National Insurance Commission. Lawmakers said the existing law no longer reflects the realities of today’s insurance market and requires comprehensive reforms to address emerging challenges and support industry growth.

Under the proposed legislation, the new commission will have broader supervisory and enforcement powers, enabling it to regulate insurance operators more effectively, intervene in distressed institutions, and impose tougher sanctions for regulatory violations. The bill also introduces stronger corporate governance standards and requires greater professional competence for individuals appointed to the commission’s governing board.

According to the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru, the reforms are intended to enhance the stability, integrity, and competitiveness of Nigeria’s insurance industry. He noted that the legislation would create a more comprehensive regulatory framework capable of supporting innovation, improving consumer confidence, and attracting greater investment into the sector.

Industry stakeholders believe the proposed reforms could increase insurance penetration, improve market transparency, and strengthen the resilience of Nigeria’s financial system. However, the bill must still receive concurrence from the House of Representatives and presidential assent before it becomes law.

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The National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) have endorsed the Lagos State Government’s compulsory Building Insurance Scheme, describing it as a major step toward protecting lives, properties, and investments against risks such as fire, flooding, and building collapse. The initiative is expected to strengthen compliance with existing insurance laws while improving public confidence in the insurance sector.

Speaking at the launch of the scheme in Lagos, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said effective implementation would help reduce financial losses arising from disasters and ensure that affected property owners receive timely compensation. He stressed that insurers must prioritise prompt claims settlement to build public trust and encourage wider adoption of building insurance.

The compulsory insurance scheme combines digital technology, geospatial building intelligence, and enforcement mechanisms to improve compliance and ensure that buildings meet insurance requirements under Nigerian law. Stakeholders believe the initiative will enhance risk management and contribute to safer urban development across Lagos State.

The Nigerian Insurers Association also expressed support for the programme, noting that compulsory building insurance provides financial protection for property owners while promoting resilience in the built environment. The association added that stronger collaboration between regulators, insurers, developers, and government agencies will be essential to the scheme’s success.

Industry experts believe the initiative could serve as a model for other states seeking to strengthen building safety, improve disaster preparedness, and expand insurance penetration in Nigeria. They also noted that effective enforcement and public awareness campaigns will be critical to achieving the programme’s objectives.

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