NAICOM hails Reps passage of Insurance Reform Bill

 The National Insurance Commission (NAICOM) has hailed the passage of the Insurance Reform Bill by the House of Representatives.

A statement by the commission in Abuja on Thursday, described the passage as a milestone achievement toward transforming the insurance industry in Nigeria.

NAICOM expressed optimism that  signing of the bill into law would impact the industry and lead to improved penetration, increased public confidence, and enhanced competitiveness.

”The commission is enthusiastic about the prospects of the bill receiving assent from Mr President, which will pave  way for implementation of 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 on March 12 passed the Nigeria Insurance Industry Reform Act, 2024 on Wednesday.

The bill was to provide for a comprehensive legal and regulatory framework for the industry.

NAN also recalls that the Senate passed the bill in  December 2024.

The new Act repealed the Insurance Act, Cap 117, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap M3, Laws of the Federation of Nigeria, 2004.

The act also repealed  the Motor Vehicle (Third Party) Insurance Act, Cap M22, Laws of the Federation of Nigeria, 2004; the National Insurance Corporation of Nigeria Act, Laws of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 and the Nigerian Insurance Reinsurance Corporation Act, Cap N131, Laws of the Federation of Nigeria, 2004.