The Nigerian Council of Registered Insurance Brokers NCRIB, has acknowledged the broad approach adopted by the House of Representatives Committee on insurance and actuarial matters, chaired by Hon Darlington Nwokocha, as suitable for law making.
The president, Nigerian Council of Registered Insurance Brokers, Dr. (Mrs) Bola Onogbogi, said the chairman of the committee has handled so well the law making process “the way we have not seen before because he is involving all the stakeholders.”
She said the Council was well represented at the public hearing where the brokers made their submissions. Expressing confidence on the outcome of the integrated work of the technical committee of the house committee on insurance before the Senate receives the bill for harmonisation, Onigbogi said brokers are hopeful that their submissions will be taken care of. Besides, she said all the other bodies in the insurance market: ILAN, NIA made submissions including the regulator, NAICOM, and along side were other stakeholders including but not limited to the Central Bank Of Nigeria also involved in the law making process that are outside the insurance market but still stakeholders in insurance operations.
The bill known as Insurance Bill 2020, a private member’ bill sponsored by the House committee chairman incorporates some new clauses, as well as revisions to existing clauses.
The National Assembly while introducing the bill from the onset 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.