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Chuks Udo Okonta
The Nigerian Insurers Association (NIA) has returned the consolidated insurance bill to the 10th National Assembly and it has gone through the first reading at the Federal House of Representatives.
The bill was part of Order Paper presented to the House on Thursday, July 13, 2023, listed as; Insurance Act – Repeal and Enactment Bill 2023 HB.97, and was sponsored by the Chairman, House of Representatives Committee on Public Accounts, Hon. Oluwole Oke.
Hon. Oke, is a member of the People’s Democratic Party (PDP), representing Obokun Oriade federal constituency of Osun State.
Speaking on the bill, the Director-General, Nigerian Insurers Association, Mrs. Yetunde Ilori, said the association is fully behind the bill.
The Chairman, Nigerian Insurers Association (NIA) Segun Omosehin, had earlier said the association would review the process that led to non signing of the consolidated insurance bill 2020.
He disclosed this during the association’s annual general meeting in Lagos, adding that the body would also consult relevant stakeholders.
“We will review the process that led us thus far and take next steps in the coming months after due consultation with all relevant stakeholders,” he posited.
Omosehin noted that the association made spirited efforts to ensure that the consolidated insurance bill was signed into law during the lifetime of the 9th National Assembly, but unfortunately, it was not achieved.
“As an association, we did our level best to push for the passage of the bill in the firm belief that it presents the brightest opportunity for us to amend the Insurance Act 2003 and reposition they insurance industry to enable it operates in line with global best practice,” he said.
The Chairman thanked members of the Governing Council and past Chairmen, who worked tirelessly to make sure the bill was signed.
He also appreciated members of the association for their continued faith in the association, whilst promising to continue to work in the best interest of members.
