The National Insurance Commission (NAICOM) has warmly welcomed the passage of the new Insurance Consolidated Bill by the Upper Chamber of the National Assembly and expressed optimism that the legislation will unlock the growth, prosperity, and potentials of the insurance sector.

A statement by the Commission said the passage of the Bill has marked a significant milestone in the country’s efforts to revamp the insurance industry after nearly two decades of shadowy growth and low penetration.

The Commission said that the Bill is a game changer for Nigeria’s insurance industry, one that will have a high positive impact on the contribution of the insurance sector to the country’s GDP and economy as a whole.

“By consolidating existing insurance laws, the new legislation marks a new era in the ongoing efforts to strengthen Nigeria’s insurance industry. The bill provides a comprehensive framework for regulating all types of insurance businesses and ensuring a more robust and effective industry.

“Passage of the Bill marks a significant triumph for Nigeria’s insurance industry, tackling the long-standing challenge of low insurance penetration in the country. The new legislation addresses the industry’s need for a more robust legal and regulatory framework, enabling it to compete favorably in the African insurance market and globally”, the statement said

Naicom lists the benefits of the recently passed bill to include enhanced capital requirements, risk-based supervision, Streamlined Regulatory Framework and Strengthened Consumer Protection,

The Commission further said the achievement comes after years of operating with laws that have failed to keep pace with the country’s evolving economic landscape.