The Senate on Tuesday passed the Insurance Regulatory Commission (Establishment) Bill following the presentation and consideration of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions.
The bill, which seeks to establish the Insurance Regulatory Commission (IRC) as the principal regulatory body for the insurance sector, was sponsored by Senator Mukhail Adetokunbo Abiru alongside members of the Senate Committee on Banking, Insurance and Other Financial Institutions.
The passage of the legislation followed deliberations on the committee’s report, which recommended its adoption by the upper chamber.
The proposed law is aimed at strengthening the regulatory framework of Nigeria’s insurance industry, enhancing transparency, improving consumer protection and promoting greater efficiency within the sector.
Lawmakers noted that the bill would provide a more robust institutional structure for supervising insurance operators and addressing emerging challenges in the industry.
Senator Abiru, while speaking on the importance of the legislation, said the reform is expected to align Nigeria’s insurance regulatory system with global best practices and boost investor confidence in the financial services sector.
The Senate Committee on Banking, Insurance and Other Financial Institutions also maintained that the establishment of the commission would enhance regulatory oversight and contribute to the growth and stability of the insurance industry.
With the Senate’s approval, the bill will proceed to the next legislative stage in accordance with the constitutional process for enactment into law.
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