INSURANCE REFORMS: SENATE MOVES TO STABILISE INSURANCE INDUSTRY
The Senate has passed a legislative framework aimed at strengthening and further developing Nigeria’s insurance sector to ensure a fair, safe and stable insurance business environment.
The proposed legislation seeks to modernise the regulatory framework governing the insurance industry and enhance public confidence in the sector.
The bill also provides for the establishment of an Insurance Regulatory Commission, which will replace the existing National Insurance Commission established under the current law.
Among its key provisions, the proposed commission is empowered to advise the Federal Government on national policies relating to insurance matters, including the management of natural disasters and other emerging risks.
Lawmakers say the reforms are designed to improve regulation, promote industry growth, protect policyholders and position the insurance sector to contribute more effectively to national economic development.
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