The Federal Government has concluded plans to review The Insurance (Consolidated) Bill. This move is aimed at making the Bill conform to the ideals of contemporary insurance practice and ensure an efficient insurance industry in the country. It is expected that the review will form the basis of a new draft Bill, which will be sent to the National Assembly for consideration.
The Minister of Finance, Mrs. Kemi Adeosun, disclosed that a committee has been constituted to carry out the review. The Review Committee, with members drawn from the public and private sectors, is to submit its report within three months.
The Review Committee, soon to be inaugurated by the Minister, is chaired by Dr. Omogbai – Omo Eboh, a renowned expert in Insurance Law, while Dr. Talmiz Usman (Head of Legal Department, NAICOM) is the Secretary. Members of the Committee include a Representative of Ministry of Finance; a Representative of National Insurance Commission; a Representative of Nigeria Insurers’ Association and a Representative of Nigeria Council of Registered Insurance Brokers. Other members include a Representative of Institute of Loss Adjusters of Nigeria; a Representative of Attorney General of the Federation; Kamar Raji Esq and Dr. Ladi Hamalai of the National Institute of Legal Studies.
The Minister said the activities of the Review Committee will be fully funded by the National Insurance Commission, which is the statutory agency of the Federal Government established to regulate and supervise the Nigerian Insurance Sector.
According to the Minister, the Terms of Reference of the Review Committee include a critical review of the draft Insurance (Consolidated) Bill, with a view to making it a Framework or principle-based Legislation; a comparative review of the Bill to align it with the powers of other financial regulators in the country as well as a thorough examination of current market problems and recommendation of appropriate regulatory powers to allow the Insurance Regulator act appropriately.
Furthermore, the Review Committee is to undertake a review of all other Insurance Laws and update the draft Insurance (Consolidated) Bill to align with international best practices. The Committee is also to make other recommendations as it deems fit for the overall good of the nation’s insurance industry.