The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged President Bola Tinubu to promptly assent to the Insurance Reform Bill recently passed by the House of Representatives.

The council’s executive secretary, Tope Adaramola, told journalists on Saturday in Lagos that the bill’s passage was commendable.

Mr Adaramola said the entire industry eagerly awaited presidential assent, adding that the law would be a significant milestone for Nigeria’s insurance sector.

“We have been working on this, and it should have been signed by the previous administration, but unfortunately, it did not scale through.

“The passage of this bill brings us joy, and we now await the president’s assent. The industry is enthusiastic, and everyone is happy,” he said.

According to him, the bill is unique because it reflects a consensus among all insurance operators in the country.

Once assented to, the bill will eliminate crises caused by conflicting laws in the insurance industry’s operations, Mr Adaramola stated.

“Certain provisions in the law will untangle the industry and allow it to function more effectively,” he noted.

The executive secretary expressed optimism that the reform bill, which includes a provision for recapitalisation, will enhance insurers’ solvency and spur industry growth.

He added that the law would enable the insurance sector to play a critical role in Nigeria’s economy.

Mr Adaramola commended lawmakers for the timely passage of the bill.

“NAICOM must also be commended for educating practitioners on various aspects of the bill, which helped achieve consensus on its content,” he said.

On March 12, the House of Representatives passed the Nigerian Insurance Industry Reform Act Bill 2024.

The bill provides a comprehensive legal framework for regulating and supervising all types of insurance businesses in Nigeria.

However, the new act repeals the Motor Vehicle (Third Party) Insurance Act, Cap M22, Laws of the Federation of Nigeria, 2004.

It also repeals the National Insurance Corporation of Nigeria Act and the Nigerian Insurance Reinsurance Corporation Act, Cap N131, Laws of the Federation of Nigeria, 2004.

(NAN)