…seeks To Establish Insurance Regulatory Commission, Repeal NAICOM Act
ABUJA — The Senate has passed a bill aimed at strengthening the insurance sector to ensure a fair, safe, and stable insurance business in Nigeria.
The legislation provides for the establishment of an Insurance Regulatory Commission. It also seeks to repeal the existing National Insurance Commission Act, NAICOM.
According to the bill, the proposed Commission will be empowered to advise the Federal Government on national policies relating to the management of natural disasters and other key insurance-related matters.
The passage followed consideration of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions at plenary on [insert date].
Details of other provisions of the bill and the next legislative steps are expected to be made public after transmission to the House of Representatives for concurrence.
Senate Passes Bill To Stabilize Insurance Industry
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