By Joy Odor
The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN) and major stakeholders in the Insurance sector on Friday supported the move by the Senate to reform the “Nigerian Insurance Industry Reform Bill, 2024” to help curb capital flight in Insurance sector in Nigeria.
The Bill titled: “Nigerian Insurance Industry Reform Bill, 2024” were expressed during two day public hearing, organized by the Senate Committee on Banking, Insurance and other Financial Institution, sponsored by Senator Adetokunbo Abiru ( APC Lagos East).
The support for the bill by the Attorney General, represented by one of his Aides, Mr. Oloyede Hussein said the proposed reform affirmed that the ministry 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.
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, the provisions should allow all cars in Nigeria to be insured by their owners should be included as being practiced in most other countries of the world.
She assured such provision, would deepen insurance penetration in Nigeria, make the sector more viable and make risks management more effective for the insured.
While in his submission, the President of Nigerian Council of Registered Insurance Brokers, Babatunde Adeleke noted that 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.
Also the Managing Director of NDIC, Bello Hassan in his presentation said the proposed legislation is commendable and that the corporation is 100% behind the proposed reforms.
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 .
