*NAICOM renamed as Insurance Regulatory Commission
*Set to overhaul food, drug safety laws
*Confirms Prof. Fasina non-career ambassador
WorldStage– The Nigerian Senate has passed the Insurance Regulatory Commission (Establishment) Bill, 2026, which repeals the 1997 NAICOM Act and officially renames the National Insurance Commission (NAICOM) to the Insurance Regulatory Commission (IRC).
The bill, sponsored by Senator Adetokunbo Abiru, now awaits concurrence from the House of Representatives and presidential assent.
The legislation, passed today, July 21, 2026 during the plenary, was designed to resolve confusion surrounding the previous name and align the commission with evolving global regulatory standards.
Lawmakers stated that the existing 1997 decree was obsolete and inadequate for overseeing modern industry operations.
Beyond the name change, the newly rebranded IRC is granted broader statutory mandates and stronger enforcement powers.
These expanded powers include stricter financial penalties, the suspension of operating licenses, and the disqualification of executives found responsible for the collapse of insurance institutions.
Lawmakers are also debating legislation to overhaul food and drug safety laws and have confirmed Prof. Abayomi Fasina as a non-career ambassador despite controversy. Additionally, the Senate is pushing for constitutional funding safeguards to protect state police from governor interference.
