• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Wednesday, March 22, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Brick-By-Brick, Order To Influence Insurance Legislation Process

Nwanne Ikemefune by Nwanne Ikemefune
May 3, 2021
in Insurance
0 0
0
Brick-By-Brick, Order To Influence Insurance Legislation Process
0
SHARES
107
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The House of Representatives has beaten the executive to come up with a far reaching insurance bill. The bill which has commenced the legislative process was presented as a private member’s bill by Rep Darlington Nwokocha, chairman, House Committee on Insurance and Actuarial Matters.

The introduction of what is designated, Insurance Bill 2020, which incorporates some new clauses, as well as revisions to existing clauses, was in the form of stealth appearance. Insurance professionals only got to know after the second reading at the National Assembly. Following after, the various arms of the industry assembled to digest the bill now in the works and try to influence it to suit its operations without sacrificing the interests of others.

The insurance operators, Businesspost.com.ng gathered, after getting information on the Insurance Bill 2020, directed further enquiries to the National Insurance Commission. The purpose, to get further adequate brief on the bill, and were aptly informed that the bill is a private member’s bill. The operators were told that the bill is without input from the regulator. At least, up and until the time operators made moves to know the genesis of the bill which is different from the Consolidated Insurance Bill. It would be recalled that the Commission had finished work on the draft bill to be known as Consolidated Insurance Bill and exposed it to the operators for further inputs.

The stakeholders were jolted that instead of the executive bill, a private member’s bill is in the burner. It was not within their scope of expectation. The regulator and operators had endorsed a Consolidated Insurance Bill, after far reaching inputs were made by the various trade bodies encapsulating their view of a robust insurance legislation. With all that preparation concluded, it was set for presentation to the National Assembly. However, executive indecision seem to have branded the bill unqualified for legislature drill and therefore, loosing the steam of urgency it needed to berth at legislature chamber. With the new development, it was gathered that the Commission would take advantage of the bill to ferry the new layers of paid up share capital for insurance and reinsurance companies to recapitalise, into the bill originating from the House. Besides lifting and inserting the new paid up share capital into the new bill, NAICOM will decide to kill several birds with one stone, by submitting several sections of the regulator/industry crafted own bill that are missing in the House initiated bill and, lobby that they be included in the bill under legislative process currently. The recapitalisation exercise is now ongoing, and compliance is in phases.

The private member’s sponsored bill has now moved to the committee stage and the various arms of the industry will be at the National Assembly for scheduled public hearing on the bill on 14th and 15th of December 2020.

The Institute of Loss Adjusters of Nigeria says the president Mr. Reginald Egbuniwe, is set to present its submissions to the House committee. It’s the House that has mid-wifed the up and until now 124 sections insurance bill.

In his narrative of the bill, Egbuniwe said: “A new insurance bill which has come into existence as a private member’s bill has recently undergone its second reading at the National Assembly. This bill designated, the Insurance Bill 2020, incorporates some new clauses, as well as revisions to existing clauses.”

The loss adjusters delegation to Abuja as part of the insurance industry bricks to build the platform to influence the legislative process, was captured in the ILAN’ president report at the AGM: “Your council has reviewed the new bill and is presenting a submission before the National Assembly to defend revisions made by Council which reflect our desire to be recognised and protected within the new Act.”

The National Assembly said the bill seeks to make comprehensive legal framework for the regulation and supervision of all manner of insurance businesses in Nigeria. It also seeks to repeal:

a) Insurance Act Cap 117, Laws of Federation of Nigeria, 2004

b) Marine Insurance Act, Cap IV13, Laws of the Federation of Nigeria, 2004

c) Motor Vehicles (Third Party Insurance Act), Cap M22, Laws of the Federation of Nigeria 2004

d) National Insurance Corporation of Nigeria Act, Cap N54, Laws of Federation of Nigeria, 2004; and

e) Nigeria Reinsurance Corporation Act, Cap N131, Laws of the Federation of Nigeria, 2004.

However, the referred to, more frequently, called, Consolidated Insurance Bill, a proposed executive bill, a joint effort by the National Insurance Commission and the trade associations of the insurance market, is still hibernating in the proposed bills file of the Federal Ministry of Finance, after the insurance industry has finished making input, preparatory for onward transmission to the National Assembly by the executive through the National Insurance Commission.

Previous Post

Africa’s Exposure To Cyber Crime Gaining Attention

Next Post

NAIPCO Gives Maiden Awards To PenCom, AIICO

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders
Insurance

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023
Guinea Insurance Sets For Return To Profit Turf
Insurance

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Transactional Risk Insurance Now Mainstream Product – Report
Insurance

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Next Post
NAIPCO Gives Maiden Awards To PenCom, AIICO

NAIPCO Gives Maiden Awards To PenCom, AIICO

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6180
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

5643
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

4926
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1296
Anchor MD Loses Father

Anchor MD Loses Father

1295
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

884
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

822
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

345
Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

270
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

231
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Over 2,100 RSA Holders Make Maiden Dash For Transfer Window

PenOp Creates Bastion Of Effective Leadership For Pension Professionals

March 14, 2023
Allianz Combines Commercial Insurance Divisions

Allianz Combines Commercial Insurance Divisions

March 14, 2023
Preferred PenCom Logo

PenCom Knocks Lagos For Consistent Failure To Pay N2bn Monthly Commitment To Retirees

March 13, 2023

Recent News

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Over 2,100 RSA Holders Make Maiden Dash For Transfer Window

PenOp Creates Bastion Of Effective Leadership For Pension Professionals

March 14, 2023
Allianz Combines Commercial Insurance Divisions

Allianz Combines Commercial Insurance Divisions

March 14, 2023
Preferred PenCom Logo

PenCom Knocks Lagos For Consistent Failure To Pay N2bn Monthly Commitment To Retirees

March 13, 2023
Guinea Insurance Takes The Stride Of Fresh N900m Capital

Guinea Insurance Takes The Stride Of Fresh N900m Capital

March 9, 2023
World Survey, Nigeria In Third Spot In Credit And Political Risk

World Survey, Nigeria In Third Spot In Credit And Political Risk

March 9, 2023
Advans Nigeria Goes Further At 10 With Better Banking, Branch Expansion

Advans Nigeria Goes Further At 10 With Better Banking, Branch Expansion

March 9, 2023
Doing Good, Sanlam Nigeria Sends Waves Of Special Care To Needs Organisations

Doing Good, Sanlam Nigeria Sends Waves Of Special Care To Needs Organisations

March 7, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In