NIA Pushes for Approval of Insurance Reform Legislation

Senate Plenary Session
Senate Plenary SessionGoogle Photo

The Nigerian Insurers Association (NIA) has vowed to intensify its efforts to ensure the passage of the Nigerian Insurance Reform Bill 2024, which is currently with the Senate.

The newly elected chairman of the association, Kunle Ahmed, stated this in his inaugural speech on Thursday in Lagos.

Ahmed noted that a previous Consolidated Insurance Bill 2023 was not signed into law by former President Muhammadu Buhari. However, the association is now focused on the newly revised "Nigerian Insurance Reform Bill 2024" and is working closely with relevant stakeholders to ensure its passage.

The chairman expressed gratitude to the members of the governing council and past chairmen who had worked diligently on the previous bill and continued to provide support for the new one.

He emphasized the association's resolve to work with all stakeholders to ensure the new bill is signed into law, as it is crucial for repositioning the insurance industry and aligning it with global best practices.

Additionally, Ahmed stated that the NIA will continue to engage with the government at various levels to create a better understanding of the importance and contribution of the insurance sector to the national economy.

This includes ongoing discussions with the Federal Ministry of Finance, Budget and National Planning, the Office of the Head of Service, and the Accountant General's Office regarding the provision of appropriate data and payment of adequate premiums on insurance of government assets.

The chairman noted that while some progress has been made in obtaining the necessary data, the association remains hopeful that all areas of concern will be resolved swiftly, enabling insurance companies to fulfill their statutory obligations in this regard.

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