The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on President Bola Tinubu to swiftly approve the Insurance Reform Bill recently passed by the House of Representatives.
Speaking to journalists in Lagos on Saturday, the Executive Secretary of NCRIB, Tope Adaramola, welcomed the bill’s passage, describing it as a crucial step forward for the insurance sector.
He noted that industry stakeholders are eagerly awaiting the president’s assent, as the bill is expected to bring transformative changes to the sector.
“We have long advocated for this reform, and it should have been signed into law by the previous administration. Unfortunately, that did not happen. Now that it has been passed, we are optimistic that the president will approve it soon. The industry is looking forward to it with great enthusiasm,” Adaramola stated.
He emphasized that the bill is particularly significant because it was developed with contributions from key players in the insurance industry. If enacted, it will help eliminate operational conflicts caused by inconsistencies in existing regulations.
Adaramola also pointed out that the bill introduces a recapitalization provision, which will enhance the financial stability of insurers and drive industry expansion.
He further highlighted the potential of a well-regulated insurance sector to play a more prominent role in Nigeria’s economic development.
Commending lawmakers for passing the bill in a timely manner, he also acknowledged the National Insurance Commission (NAICOM) for engaging with industry practitioners and ensuring consensus on the proposed reforms.
The Nigerian Insurance Industry Reform Act Bill 2024 was approved by the House of Representatives on March 12.
The bill aims to establish a comprehensive regulatory framework for all types of insurance operations in Nigeria.
Additionally, it repeals outdated laws, including the Motor Vehicle (Third Party) Insurance Act, the National Insurance Corporation of Nigeria Act, and the Nigerian Insurance Reinsurance Corporation Act.