FG begins work on abandoned insurance bills.

33

The Nigerian insurance industry seems to be in pole position for favours from the current administration following increasing attention on the sub-sector which has refused to drive the economy as in other climes.

Indication to government’s renewed attention came with the constitution of a committee by the federal government to review the Insurance (Consolidated) Bill. This is on the heel of an initiative to set up an Insurers’ committee for the industry last December.

This new effort of the government is aimed at making the regulations for the sub-sector conform to the ideals of contemporary insurance practice and ensure an efficient insurance industry in the country.

The highlights of the review are expected to form the basis of a new draft Bill, which will be sent to the National Assembly for consideration.

Only last month, an Insurers’ committee, akin to the Bankers’ committee in the banking sector was constituted to formulate policies and assist the government in making the insurance industry perform to expectation.

The Minister of Finance, Mrs. Kemi Adeosun constituted the review committee with members from the public and private sectors.

The committee is to submit its report within three months.

The Review Committee, soon to be inaugurated by the Minister, is chaired by Omogbai – Omo Eboh, a renowned expert in Insurance Law, while Talmiz Usman (Head of Legal Department, NAICOM) is the Secretary.

Members of the Committee include a Representative of Ministry of Finance; a Representative of National Insurance Commission; a Representative of Nigeria Insurers’ Association and a Representative of Nigeria Council of Registered Insurance Brokers. Other members include a Representative of Institute of Loss Adjusters of Nigeria; a Representative of Attorney General of the Federation; Kamar Raji and Ladi Hamalai of the National Institute of Legal Studies.

The Minister said the activities of the Review Committee will be fully funded by the National Insurance Commission, which is the statutory agency of the Federal Government established to regulate and supervise the Nigerian Insurance Sector.

According to the Minister, the Terms of Reference of the Review Committee include a critical review of the draft Insurance (Consolidated) Bill, with a view to making it a Framework or principle-based Legislation; a comparative review of the Bill to align it with the powers of other financial regulators in the country as well as a thorough examination of current market problems and recommendation of appropriate regulatory powers to allow the Insurance Regulator act appropriately.

Furthermore, the Review Committee is to undertake a review of all other Insurance Laws and update the draft Insurance (Consolidated) Bill to align with international best practices. The Committee is also to make other recommendations as it deems fit for the overall good of the nation’s insurance industry.

Comments are closed.