The passage of the Insurance Reform Bill by the House of Representatives marks a significant milestone and a step towards transforming Nigeria’s insurance industry, the National Insurance Commission (NAICOM) has said.
The passage of the Bill followed the passage of the Bill by the Upper Chamber earlier in December 2024.
But the Commission expressed enthusiasm on the prospects of the Bill receiving assent from President Bola Tinubu to pave the way for the implementation of its provisions.
As the apex regulator of the insurance industry, NAICOM said it was committed to ensuring the sector contributed 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,” the Commission said in a statement in Abuja on Thursday.
“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,” it added.
