The National Insurance Commission (NAICOM) and the Nigeria Deposit Insurance Corporation (NDIC) have called for enhanced regulatory powers to strengthen financial sector oversight, urging the National Assembly to fast-track the passage of the Insurance Reform Bill 2024.
Speaking during a budget defense session before the House Committee on Insurance and Actuarial Matters, NAICOM Commissioner for Insurance, Olusegun Ayi, emphasized the need for stronger enforcement tools.
He noted that while NAICOM plays a key regulatory role, its current legal framework limits its ability to take decisive actions against defaulters.
NDIC Managing Director, Bello Hassan, echoed similar sentiments, highlighting the corporation’s role in ensuring financial stability.
