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FG To Review Insurance Bill

Posted: Jan 12, 2016 at 9:42 am   /   by   /   comments (0)


The Federal Government of Nigeria has revealed plans to review the Insurance Consolidated Bill to ensure an efficient insurance industry in the country.

This is contained in a statement by the Director of Press, Ministry of Finance, Mr Marshal Gundu, on Monday in Abuja which quoted the Minister of Finance, Mrs Kemi Adeosun, as saying the move is aimed at making the Bill conform to the ideals of contemporary insurance practice.

She said that the review would form the basis of a new draft bill, which would be sent to the National Assembly for consideration.

She said a committee had been constituted to carry out the review and make its findings known in three months.

According to the minister, the Terms of Reference of the committee include a critical review of the draft Insurance Consolidated Bill to make it a framework or principle-based legislation.

She said that the review would align the insurance sector with the powers of other financial regulators in the country.

“It will provide a thorough examination of current market problems and recommend appropriate regulatory powers for the sector to allow the Insurance Regulator Act appropriately,” the minister said.

Speaking on the role of the committee, Adeosun said, “The 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.”

The committee would be chaired by Dr Omogbai Omo-Eboh, a renowned expert in Insurance Law, while Dr Talmiz Usman from National Insurance Commission (NAICOM) would serve as Secretary.

Other members include representatives of the Ministry of Finance, NAICOM, Nigeria Insurers’ Association, Nigeria Council of Registered Insurance Brokers and Institute of Loss Adjusters of Nigeria.

Mr Kamar Raji from the office of the Attorney General of the Federation and Dr Ladi Hamalai of the National Institute of Legal Studies were also named members.

According to the minister Activities of the committee would be funded by NAICOM, the statutory agency of the Federal Government established to regulate and supervise the Nigerian Insurance Sector.