Public Hearing: AGF, NDIC, Others Hail  Insurance Reform Bill 

.CIIN wants compulsory insurance policy for all buildings, vehicles 

Sunday Aborisade in Abuja 

The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN) and major stakeholders in the Insurance sector yesterday, overwhelmingly embraced the move by the Senate to reform the sector as contained in a draft bill to that effect.

The endorsement of the Attorney General and the Insurance stakeholders for the bill was expressed at a public hearing on the proposed legislation.

The Bill is titled, ‘Nigerian Insurance Industry Reform Bill , 2024’ organised by the Senate Committee on Banking , Insurance and other Financial Institutions.

In his support for the bill sponsored by Senator Adetokunbo Abiru ( APC Lagos East), the Attorney-General represented by one of his aides, Mr. Oloyede Hussein, said the proposed reform will help to curb capital flight that has been the order of the day in insurance sector in Nigeria.

“The office of Attorney-General of the Federation, 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 economic contributory sector,” he said .

Similarly, the Managing Director of NDIC , Bello Hassan  , in his presentation at the Public Hearing said the proposed legislation is commendable and that the corporation is 100 per cent behind the proposed reforms.

But in her presentation , the President of Chartered Institute of Insurance Nigeria, Mrs. Yetunde Ilori, acknowledged the support of the  Insurance Reform Bill.

She, however, said the provisions that will make all motors in Nigeria to be insured by their owners, should be included as being practiced in most other countries of the world.

According to her, such a provision would deepen insurance penetration in Nigeria, make the sector more viable and make risk management more effective for the insured .

The President of Nigerian Council of Registered Insurance Brokers, Babatunde Adeleke, in his presentation, said 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.

The Chairman of the Committee, Senator 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 the final report on the proposed legislation is submitted to the Senate .