Mr Ganiyu Musa, the outgoing Chairman of The Nigeria Insurers Association (NIA) said he was optimistic the Consolidated Insurance Bill 2020 would soon be signed into law.
Musa said this at a media briefing on Wednesday in Lagos, to give account of his stewardship for the past two years.
He assured that the bill would passed into law before the end of the tenure of the ninth National Assembly.
Musa said the association was closely monitoring developments on the insurance bill and would continue to pursue same doggedly until it was finally passed into law.
He explained that NIA had participated in all the processes thus far and would continue to monitor developments in respect of the bill.
“It is expected that the new law will have a positive impact on the insurance space in Nigeria and align it with global best practice.
“We must acknowledge the cooperation received from the Speaker, Federal House of Representatives, Rt. Hon. Femi Gbajabiamila, Chairman and members of the House Committee on Insurance and Actuarial Matters.
“Also, National Insurance Commission (NAICOM) and other stakeholders in the journey thus far,” he said.
The NIA chairman lauded President Muhammadu Buhari’s assent to the Finance Act 2021, which has now given a more acceptable definition of capital.
Musa, also Managing Director, Cornerstone Insurance Plc, noted that prior to this time, the definition of capital in Insurance Act 2003 was defective and highly restrictive.
“We appreciate the Honourable Minister of Finance, Budget and National Planning, Commissioner for Insurance, KPMG and members of our association for their support in seeing this process through.
“We are optimistic that this major milestone achievement has removed the major encumbrance on the recapitalisation exercise,” he said.
Musa stated that the association had begun engagements with Road Traffic Officers of the Federation to drive integration of the third-party motor Insurance across the states.
He pledged that the association would continue to partner relevant government agencies on the adoption of the Nigeria Insurance Industry Database (NIID)/Nigeria Insurance Industry Portal (NIIP).
The NIA chairman said the association was also working with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law – Occupiers Liability and Builders Liability insurance.
Musa said: “The Association is also working closely with the state vehicle inspection service on enforcement of Third-Party Motor Insurance in the states.
“Kaduna, Kogi, Rivers and Ogun states have already keyed into the project and more states are already discussing with the association to finalise arrangements on how they can join.
“Our aim is to achieve national coverage. We remain hopeful that other states will appreciate the value of the platform and embrace it.
According to him, the association continues to scale up its engagements with the government with a view to creating more understanding on the importance and role of insurance in the national economy.
Musa said the leadership of the association had been engaging representatives of Federal Ministry of Finance, Budget And National Planning, the office of the Head of Service and the Accountant General’s Office on provision of appropriate data and payment of premium on insurance of government assets.
He stated that the association had continued to maintain a very cordial relationship with the National Insurance Commission (NAICOM ) in the overall interest of the market.
“This is to ensure that matters of common interest are discussed and agreed to avoid friction.
“We thank the Commissioner for Insurance and the entire management of the commission for the excellent relationship and support received,” he said.
Musa noted that the association would continue to complement the efforts of NAICOM in their campaign on domestication of compulsory insurances in the states.
Musa listed some of his achievements to include the completion of the Insurers House project, which commenced in May 2018, NIA’s 50th anniversary and hosting of the Africa Insurers Organisation (AIO).