By Abbanobi -Eku Onyekachi
Abuja
The Nigerian Insurance Industry Reform Bill, 2024 (SB. 393) has been passed by the Senate, marking a significant milestone in the effort to reform the insurance industry in Nigeria.
Deputy Senate President Barau I. Jibrin commended the Chairman of the Committee on Banking, Insurance and Other Financial Institutions, Senator Mikhail Adetokunbo Abiru, and the members of the committee for a job well done. He expressed optimism that when the bill receives concurrence from the House of Representatives and assent from the President, it will positively impact the economy.
According to Senator Jibrin, the intent of the legislation is to restructure the insurance ecosystem to accommodate contemporary happenings within the economy. He praised the committee members for their outstanding pedigree, education, and knowledge of the insurance industry, expressing confidence that the country will benefit from the legislation when it is eventually passed.
The bill, which has been sponsored by Senator Abiru and 41 other senators, seeks to provide a comprehensive legal framework for the regulation and supervision of all types of insurance businesses in Nigeria. It also aims to consolidate existing laws and establish a robust legal and regulatory framework for the insurance sector.
The passage of the bill is expected to have a significant impact on the insurance industry in Nigeria, which according to him has been plagued by low penetration and outdated laws. With the proposed legislation, he went on, the industry is expected to become more competitive and contribute positively to the country’s economic growth.
