The National Insurance Commission (NAICOM) has lauded the House of Representatives’ passage of the Insurance Reform Bill 2024, calling it a landmark achievement for Nigerians.
The House of Representatives passed the Nigeria Insurance Industry Reform Act, 2024, which establishes a comprehensive legal and regulatory framework for the insurance business and protects the interests of policyholders in Nigeria.
This new legislation categorizes insurance into two classes in the country—life and non-life insurance—and raises the minimum capital requirements across various insurance categories.