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Group To Focus On Insurance Laws Review



Adegboyega Adepegba & Co in partnership with the Nigerian Insurance Law Association (NILA) has concluded plans to organise a three-day seminar that will focus on the review of insurance laws in the country.

The seminar, slated for March 27-29 in Abeokuta, Ogun State, has ‘Current Developments in Insurance Laws in Nigeria’ as its theme.

Those expected to attend the seminar are lawyers in various segments of the insurance industry in the country, regulatory officials, members of the Nigerian Insurers Association (NIA) and members of the Nigerian Council of Registered Insurance Brokers (NCRIB).

Others include; company secretaries/legal counsels, head of compliance department, including managers and officers; managers in claims department and officers handling legal and technical functions.

This year’s seminar, according to organisers, offers a unique opportunity for all participants to gain a wide range and detailed understanding of the unfolding issues in the Nigerian insurance industry.

Particular focus, according to them, will be on the innovative regulatory framework, strategy for financial inclusion and other measures being put in place by the National Insurance Commission (NAICOM) to regulate the insurance industry.

The sub themes of the seminar are: Review of the New Guidelines on Corporate Governance; New Guidelines on Mocrofinance Business; Risk Based Capitalisation and Supervision – Legal Perspective; Convergence of Insurance, Law and Technology –The role of automation in Compliance Process Chain; Challenges of, and Panacea of Compliance Under the Current Developments in Insurance Laws and Regulations and New Guidelines on Bancassurance – Legal Perspective and Insurance Practitioners Perspective.

While the theme paper, ‘Current Development in Insurance Law in Nigeria,’ will be delivered by a legal luminary and Senior Advocate of Nigeria(SAN) of Idowu Sofola & Co, Olusina Sofola, he would be supported by other professionals selected from banking, Information and communication Technology (ICT), insurance, financial management and health.

Meanwhile, one of the founding fathers of NILA, Prof. Joe Irokwu, is in support of the seminar, even as he called on the National Assembly to expedite the update and review of the existing insurance laws in Nigeria to reflect the current situation in the industry.