SENATE PASSES 2024 NIGERIAN INSURANCE INDUSTRY REFORM BILL

The Nigerian Senate has passed the 2014 Nigerian Insurance Industry Reform Bill.

The passage of the bill followed the consideration of a report of the Committee on Banking, Insurance and other Financial Institutions presented by Committee Chairman Senator Abiru Adetokunbo during Tuesday’s plenary session.

Adetokunbo, while presenting the report explained that the bill sought to essentially consolidate various existing legislations regulating the conduct of insurance businesses in Nigeria.

He 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.

Senators in their contributions raised concerns about the proposed minimum capital requirement of N45 billion for reinsurance businesses, suggesting the status quo should be maintained due to the current economic situation.

Ruling on the passage of the bill Deputy Senate President Jibrin Barau who presided over the plenary said this bill would help to revolutionise the insurance sector in Nigeria.