Insurance operators as well as brokers have said the passage of the consolidated insurance bill by the National Assembly (NASS) into law, will redefine insurance landscape in the country.
President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Shola Tinubu, though, hoping the bill can get to the National Assembly and passed into law by the current legislators, noted that, a lot of things in the revised insurance bill were meant to take the industry to a new height.
On delayed claims, Tinubu said any insurance firm who delays payment of genuine claims may have to pay such claims with interest, if the draft for amendment of the 2003 Insurance Act presented to the Ministry of Finance scales through the necessary screening.
He said this is to facilitate timely payment of genuine claims. Most of the issues that will enhance the growth and development of the insurance sector, according to him, have been enshrined in the draft.
On his part, the managing director, Manny Insurance Brokers Limited, Mr. Kayode Okunoren, had said, when the bill becomes law, it will generate more businesses for insurance industry, thereby generating premium income that will positively affect the balance sheet of underwriting firms in Nigeria.
This, according to him, will grow and develop insurance industry, thus, making it a reference point in the national discourse and economic planning. He said the current guideline restricted the regulator and operators from carrying out certain functions, especially, in the area of implementation of the five compulsory insurances.
Speaking earlier, the immediate past managing director, Anchor Insurance Company Limited, Mr. Mayowa Adeduro, commenting on reasons for the delay in the passage of the revised bill to the NASS, said “Nigeria Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), Institute of Loss Adjusters of Nigeria (ILAN), among others, are critical stakeholders and are interested in the passage of the bill. Of course, a committee was set up to review the existing guidelines by the minister of finance, it has been passed to the ministry of finance and now in the ministry of justice. Eventually, it will land in the National Assembly and I believe it will be passed into law before the end of this administration.”
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