The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged President Bola Tinubu to promptly sign the Insurance Reform Bill recently passed by the House of Representatives.
Speaking to journalists in Lagos on Saturday, the council’s Executive Secretary, Tope Adaramola, described the bill’s passage as a welcome development.
He emphasized that the entire insurance industry is eagerly awaiting presidential approval, as the legislation is expected to bring significant progress to the sector.
“We have been pushing for this reform, and it should have been signed into law by the previous administration. Unfortunately, that did not happen. Now that it has been passed, we are hopeful that the president will give his assent soon. The industry is excited and optimistic,” Adaramola said.
According to him, the bill is particularly significant because it was developed with input from all stakeholders in the insurance sector. Once signed into law, it will help resolve operational conflicts caused by existing legal inconsistencies.
He further noted that certain provisions in the bill would streamline industry regulations and enhance efficiency. One key aspect, he said, is the inclusion of a recapitalization requirement, which will strengthen insurers’ financial stability and foster industry growth.
Adaramola also highlighted the insurance sector’s potential to contribute more significantly to Nigeria’s economy once the bill is enacted.
He praised lawmakers for ensuring the bill’s timely passage and commended the National Insurance Commission (NAICOM) for its role in educating industry stakeholders, which helped build consensus around the reforms.
The House of Representatives passed the Nigerian Insurance Industry Reform Act Bill 2024 on March 12.
The bill provides a comprehensive framework for regulating and supervising all types of insurance businesses in the country. It also repeals several outdated laws, including the Motor Vehicle (Third Party) Insurance Act, the National Insurance Corporation of Nigeria Act, and the Nigerian Insurance Reinsurance Corporation Act.
%20has%20urged%20President%20Bola%20Tinubu%20to%20promptly%20sign%20the%20Insurance%20Reform%20Bill%20recently%20passed%20by%20the%20House%20of%20Representatives.){kind=link}