Insurance stakeholders, Attorney General , others advocate reform in insurance sector

By Iyojo Ameh

The Attorney – General of the Federation and Minister of Justice, Prince Lateef Fagbemi ( SAN) and other major stakeholders in the Insurance industry have given their support to the move by the Nigerian red chamber to reform the Sector .

The move is contained in a draft bill with the title ” Nigerian Insurance Industry Reform Bill , 2024″ by the Senate Committee on Banking , Insurance and other Financial Institutions during a public hearing in Abuja.

While given support to the bill which was sponsored by the Senator representing Lagos East, Adetokunbo Abiru, the Attorney General , represented by one of his aides , Mr Oloyede Hussein , told the public that the proposed reform , would assist in reducing capital flight that has been the order of the day in Insurance sector in the country.

” The office of Attorney – General of the Federation, has studied the proposed provisions contained in the bill with strong conviction that it would reform the sector from one plagued by capital flight, to economy contributory sector “, he said .

Similarly , the Managing Director of NDIC , Bello Hassan , in his presentation at the Public Hearing said the proposed legislation is commendable and that the corporation is 100% behind the proposed reforms .

But in her presentation , the President of Chattered Insurance Institute of Nigeria,Mrs Yetunde Ilori , said though the Institute is in support of the Insurance reform bill but provisions that will make all motors in Nigeria to be insured by their owners , should be included as being practiced in most other countries of the world .

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According to her , such provision, would deepen insurance penetration in Nigeria, make the sector more viable and make risks management more effective for the insured .

The President of Nigerian Council of Registered Insurance Brokers , Babatunde Adeleke , in his presentation , said the council supported the reform bill but wants inclusion of provision that would compel all officially approved houses in Nigeria to be insured .

” This is very necessary and requires empowerment of building approving authorities and National Insurance Commission ( NAICOM) , with relevant laws .

” For NAICOM, require legislation by way of provision in the reform bill , should be provided for it , to seal off buildings or houses that are not insured “, he said .

In his closing remarks , the Chairman of the Committee , Senator Adetokunbo Abiru , said members of the committee are happy that all the key players in the Insurance sector are in support of the reform bill and that suggestions and observations made , shall be looked into , before final report on the proposed legislation , is submitted to the Senate .