By JEFF ADE

The National Insurance Commission (NAICOM) has welcomed the passage of the Insurance Reform Bill by the Federal House of Representatives. This follows the passage of the Bill by the Upper Chamber (Senate) earlier in December 2024.

The apex regulatory agency in Nigeria’s indurance industry described the development as a milestone achievement that marks yet another significant step towards transforming the insurance industry in Nigeria.

Information from the agency indicates that 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.

The regulatory agency said: “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.”

It added: "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.”

•PHOTO: From left; Eddie Efekoha (Chairman, CHI Life), Olusegun Ayo Omosehin (Commissioner for Insurance), Ose Oluyanwo (Managing Director, CHI Life); and Dr. Usman Jankara (Dep. Commissioner for Insurance Technical)