NCRIB urges Tinubu to sign insurance reform bill
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)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
School Abduction: Oyo Assembly backs Gov Makinde’s call for international investigation
The lawmaker cautioned the public and the Nigerian Senate against misinterpreting the purpose of the state governor’s call for an international investigation.
Politics
Tuggar group rejects Bauchi APC governorship candidate Mohammed Abubakar
He dismissed Mr Abubakar’s declaration as a governorship candidate, alleging that there were no governorship primaries in the state.
Hot news Home top
Oyarzabal, Porro score as Spain beat France to reach World Cup final
Spain will face the winner of the second semi-final match between England and Argentina on Sunday.
Economy
PenCom cuts pension approvals to 48 hours, recovers N36 billion arrears
She said the 48-hour approval timeline had become a mandatory service standard binding on all PFAs.
Heading 5
Freed Oyo pupils, teachers reunite with families
The pupils and teachers reunited with their families on Tuesday.
NationWide
DHQ engages military veterans on welfare, national service
He said the welfare of retired personnel remained one of the top priorities of the DHQ under the current leadership.
