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Chuks Udo Okonta
The Federal Government has called on insurance operators to cooperate with the committee set-up to review the industry’s bill to enable them come up with a draft that would be the impetus for rapid growth of the sector and consumers of the it’s services.
The Minister of Finance Mrs Kemi Adeosun, said this today at the inauguration of the committee for the review of Insurance (consolidated) bill in Abuja. She stressed that the present administration is very committed to developing the Nigerian economy and that insurance remains a strategic tool towards achieving that objective.
“I call on all, especially the Nigerian Insurance Industry to take this opportunity to fully cooperate with the committee to come up with a draft that would be the impetus for rapid growth not only for their sector but the Nation and in particular all consumers of insurance services alike,” she said.
She urged the committee to justify the confidence reposed on them, adding that she would always be available to provide all necessary support in the execution of their assignment.
She urged the committee to turn in their report within 90 days: “Mr. Chairman, please note that your Committee has 90 days or less effective today to conclude its assignment and make its submission to my office,” she said.
The committee was mandated to: Critically review the Draft Insurance (Consolidated) Bill with a view to ensuring it meets all the basic tenants of a Framework Law or a Principle-based legislation; make a comparative review of the Draft Insurance (Consolidated) Bill to align it with the power of other financial services regulators in Nigeria; examine current market problems and recommend appropriate regulatory powers to allow the Insurance Regulator act appropriately; review all other Insurance laws and update the Draft Insurance (Consolidated) Bill to align with international best practice and make such other recommendations as may deem necessary for the overall good of the Insurance Industry.
The Commissioner for Insurance Mohammed Kari, pledged the industry’s support to the committee to ensure that they meet the set target.