Breaking: Senate passes bill to rename NAICOM
Synthesised from 2 African sources
Mr Abiru, while presenting the committee’s report, explained that the proposed name change was due to the current name becoming confusing in light of the evolution of Nigeria’s insurance industry and no longer accurately reflecting the commission’s regulatory mandate.
The bill was sponsored by Mr Abiru, along with other members of the Senate Committee on Banking, Insurance and Other Financial Institutions.
Other aspects of bill Aside from the proposed change of name, Mr Abiru said the bill introduces tougher enforcement measures, including higher fines, suspension of licences, and the disqualification of individuals found responsible for the failure of insurance institutions from holding positions within the industry.
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