Attorney General, Ndic, And Other Experts Rally Behind Insurance Reform Bill

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), along with major stakeholders in the Insurance sector, expressed their support for the draft bill titled “Nigerian Insurance Industry Reform Bill, 2024” during a public hearing organized by the Senate Committee on Banking, Insurance, and other Financial Institutions.

Representing the Attorney General, Mr. Oloyede Hussein, affirmed that the proposed reform would address the issue of capital flight that has been prevalent in the Nigerian Insurance sector. The office of the Attorney General has thoroughly examined the provisions in the bill and strongly believes that it will transform the sector into a contributing force to the economy.

The Managing Director of NDIC, Bello Hassan, also commended the proposed legislation, stating that the corporation fully supports the reforms.

On the other hand, Mrs. Yetunde Ilori, the President of the Chartered Insurance Institute of Nigeria, emphasized the importance of including a provision in the reform bill that mandates all motorists in Nigeria to have insurance. She argued that this practice, which is common in many other countries, would enhance insurance penetration, increase the viability of the sector, and improve risk management for the insured.

The President of the Nigerian Council of Registered Insurance Brokers, Babatunde Adeleke, echoed similar sentiments and called for a provision that would make it compulsory for all officially approved houses in Nigeria to be insured. He stressed the need to empower building approving authorities and the National Insurance Commission (NAICOM) with relevant laws and enforcement capabilities.

In his closing remarks, Senator Adetokunbo Abiru, the Chairman of the Committee, expressed satisfaction with the support received from key players in the Insurance sector. He assured that the committee would carefully consider all suggestions and observations made during the public hearing before submitting the final report on the proposed legislation to the Senate.