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The Nigerian Insurers Association (NIA) has committed to intensifying its efforts to ensure the passage of the Nigerian Insurance Reform Bill 2024, currently under consideration by the Senate.
Kunle Ahmed, the newly elected chairman of the NIA, made this announcement during his inaugural speech on Thursday in Lagos. The previous Consolidated Insurance Bill 2023, which aimed to reform the industry, was not signed into law by former President Muhammadu Buhari.
Ahmed emphasized the association’s dedication to the new bill, stating, “Concerted efforts are being made by the association to ensure the newly revised bill named ‘Nigerian Insurance Reform Bill 2024’, currently on the floor of the Senate of the 10th National Assembly, is passed to reposition our insurance industry and to enable us to operate in line with global best practices. We thank all members of the governing council and our past chairmen who worked diligently on the previous bill and have continued to provide support for the new bill’s passage. We are committed to working closely with all relevant stakeholders to ensure the new bill is signed into law.”
He also highlighted the NIA’s ongoing engagement with various government levels to enhance the understanding of the insurance sector’s importance and its contribution to the national economy.
“We will also continue our engagement with representatives from the Federal Ministry of Finance, Budget and National Planning, the Office of the Head of Service, and the Accountant General’s Office regarding the provision of appropriate data and the payment of adequate premiums on insurance for government assets. Several meetings have been held to resolve issues related to data and funding for these schemes. While we have made progress in obtaining data, we remain hopeful that all areas of concern will be resolved promptly so that insurance companies can fulfill their statutory obligations,” Ahmed remarked.
Ahmed, who is the 26th chairman of the NIA, reiterated the association’s commitment to advancing the insurance industry’s regulatory framework to align with international standards.
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