Senate swaps 1997 NAICOM Act for tougher framework

AI Summary

The Nigerian Senate repealed the 1997 National Insurance Commission Act and passed the new Insurance Regulatory Commission Bill, 2025. The update aims to modernize regulation and improve oversight of Nigeria’s insurance sector.

The Senate has repealed the nearly three-decade-old National Insurance Commission Act of 1997, saying the legislation had become outdated and was no longer adequate to regulate Nigeria’s evolving insurance industry. To address the gaps in the old law, lawmakers on Tuesday passed the Insurance Regulatory Commission Bill, 2025, which seeks to establish a modern legal Read More: https://punchng.com/senate-swaps-1997-naicom-act-for-tougher-framework/