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FG to review insurance bill for efficient industry, Finance Minister says

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9 years ago

January 12, 2016

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The Minister of Finance, Mrs. Kemi Adeosun, says plans to review the Insurance Consolidated Bill to ensure an efficient insurance industry in the country have been concluded.

This is contained in a statement on Monday in Abuja by the Director of Press, Ministry of Finance, Mr. Marshal Gundu.

Adeosun said that the move aimed to make 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 also aimed to 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 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,’’ she said.

Adeosun said 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) was the Secretary.

Members will 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.

Adeosun said that the 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.