Senate passes 2024 Nigerian Insurance Industry Reform Bill

By James Itodo

Senate has passed the 2014 Nigerian Insurance Industry Reform Bill.

This is contained in the report of Committee on Banking, Insurance and other Financial Institutions report presented by Chairman of the Committee Sen.Abiru Adetokunbo during plenary in Abuja

Senator Adetokunbo, while presenting the report said the bill was read the second time on July 18.

He explained that the bill sought to essentially consolidate various exiting legislations regulating the conduct of insurance businesses in Nigeria.

The lawmaker listed the legislations to include the Insurance Act 2003, the Marine Insurance Act, Motor Vehicles Third Party Insurance Act, the National Insurance Corporation Act,and the Nigerian Reinsurance Corporation Act.

Senator Adetokunbo told his colleagues that another major objective of the bill was to enable Nigerians have a better future for themselves and the need for a robust legal and regulatory framework that would see insurance sector contributing positively to principal objective of financial assistance practices.