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Thursday, March 23, 2023

NIA optimistic of Presidential accent to 2020 Consolidated Insurance Bill

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The Nigerian Insurers Association (NIA) on Friday expressed optimism that President Muhammadu Buhari would accent to the 2020 Consolidated Insurance Bill before the tenure of the Ninth National Assembly ends.

Mr Olusegun Omosehin, NIA Chairman, said this at a news conference in Lagos.
Omosehin expressed relief that the consolidated insurance bill proposed since 2020 for review of the Insurance Act 2003, had been passed.

He explained that the bill was currently going through the remaining legislative procedures preparatory to the presidential accent.

“We are hopeful that the bill will receive speedy attention, so that the industry can begin to tap into the opportunities provided by the new law.

“We are optimistic that the President will accent to the bill after receiving it and this will be part of the achievements of the ninth assembly before they leave,” he said.

Omosehin stated that the Nigerian insurance market would host the next West Africa Insurance Companies Association (WAICA) Educational Conference in May, and participants from other West African countries would be attending.

He noted that the conference was an avenue for the Nigeria insurance market to showcase itself, while looking forward to hosting the most successful conference in recent time.

The NIA chairman said in furtherance to expanding the frontiers of insurance through partnerships and stakeholders’ engagement, the association’s Governing Council had scaled up engagement with other arms of the industry to discuss issues of mutual concern.

He explained that the joint NIA/ Nigerian Council of Registered Insurance Brokers (NCRIB) technical committee had been meeting on technical issues that affected brokers and underwriters.

Omosehin said he expected that the engagements would further cement the already existing cordial relationship between the two bodies. (NAN)

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