The change followed the passage of the Insurance Regulatory Commission (Establishment) Act, 2026, after a report was presented by Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions.
According to the Senate, the new name will better reflect the commission’s role in regulating Nigeria’s insurance industry, as the former name was considered confusing.
The new law is expected to strengthen the commission’s powers, improve protection for policyholders, enhance regulation of insurance companies, and align Nigeria’s insurance sector with global best practices.
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