LAGOS, Nigeria (VOICE OF NAIJA)- The Nigerian Insurers Association (NIA) is pushing for the passage of the a new Insurance Reform Bill 2024 currently under review in the Senate.
In his inaugural speech on Thursday in Lagos, the newly elected chairman of the association, Kunle Ahmed, said there was a Consolidated Insurance Bill 2023, which former President Muhammadu Buhari never signed into law.
Ahmed said, “Concerted efforts are being made by the association to ensure the newly revised bill named ‘Nigerian Insurance Reform Bill 2024’, currently on the floor of the Senate of the 10th National Assembly, is passed to reposition our insurance industry and to enable us to operate in line with global best practice.
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“We thank all members of the governing council, our past chairmen, who worked assiduously on the previous bill and have also continued to provide the needed support to see that the new bill is signed into law. We remain resolute on our promise that we will work closely with all the relevant stakeholders to ensure that the new bill is signed into law.”
He also emphasized that the NIA would expand its interactions with the government at all levels to enhance understanding of the crucial role and impact of insurance on the national economy.
“We will also continue our engagement with the representatives of the Federal Ministry of Finance, Budget and National Planning, the Office of the Head of Service, and the Accountant General’s Office on the issue of provision of appropriate data and payment of adequate premium on insurance of government assets.
“Several meetings have been held with a view to resolving the data and funding of the schemes. While we can report some progress on obtaining data, we remain hopeful that all the areas of concern will be resolved as quickly as possible so that insurance companies can perform their statutory obligations in that regard,” he remarked.
Ahmed is the 26th chairman of the association.