Nigeria, July 21 -- The Senate on Tuesday passed a bill seeking to rename the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission.

The upper chamber approved the bill after considering the report of its Committee on Banking, Insurance and Other Financial Institutions, presented by its chairman, Adetokunbo Abiru.

The Senate President, Godswill Akpabio, announced the bill's passage after it received majority support via a voice vote.

The bill was sponsored by Mr Abiru, along with other members of the Senate Committee on Banking, Insurance and Other Financial Institutions.

Mr Abiru, while presenting the committee's report, explained that the proposed name change was due to the current name becoming confusing in ...