The National Insurance Commission (NAICOM) welcomes the passage of the Insurance Reform Bill by the Federal House of Representatives. This follows the passage of the Bill by Upper Chamber earlier in December 2024. This is a milestone achievement that marks yet another significant step towards transforming the insurance industry in Nigeria.

The Commission is enthusiastic about the prospects of the bill receiving assent from Mr. President, which will pave the way for the 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 believe that by the time the Insurance Reform Bill is signed into Law, it will have a profound impact on the industry, leading to improved penetration, increased public confidence, and enhanced competitiveness.

We salute the leadership of  the National Assembly for their efforts in passing the bill and look forward to its assent by Mr. President. We are confident that the Reform Bill will usher in a new era of growth and development for the insurance industry in Nigeria.