The Nigerian Senate has passed a bill to rename the National Insurance Commission (NAICOM). The legislative action marks a formal change in the identity of the regulatory body responsible for overseeing the nation’s insurance sector.
Beyond the name change, the legislation expands the commission’s mandate. The new provisions are designed to enhance the administration, supervision, regulation, and control of the insurance industry. By broadening these responsibilities, the bill aims to strengthen the integrity and overall development of the insurance market in Nigeria.
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