The federal government has constituted a ten-member committee to review the Insurance (Consolidated) Bill, a move that seeks to make the bill conform with the ideals of contemporary insurance practice.
It is also aimed at ensuring an efficient insurance industry in the country.
The impending review is expected to form the basis for a new draft bill, which will be sent to the National Assembly for consideration.
The Minister of Finance, Mrs. Kemi Adeosun, who disclosed that a committee had already been constituted to carry out the review, said the review committee with members drawn from the public and private sectors, was to submit its report within three months.
A statement issued monday by the Director (Press), Federal Ministry of Finance, Mr. Marshall Gundu, disclosed that the Review Committee, soon to be inaugurated by the minister, is chaired by Dr. Omogbai- Omo Eboh, a renowned expert in Insurance Law, while Dr. Talmiz Usman (Head of Legal Department, National Insurance Commission (NAICOM) is the Secretary.
Other members of the committee include a representative of the Ministry of Finance; a representative of the National Insurance Commission; a representative of Nigeria Insurers’ Association (NIA), and a representative of Nigeria Council of Registered Insurance Brokers.
Members of the committee also include a representative of the Institute of Loss Adjusters of Nigeria; a representative of the Attorney General of the Federation; Kamar Raji and Dr. Ladi Hamalai of the National Institute of Legal Studies.
The minister said the activities of the Review Committee would be fully funded by the National Insurance Commission, which is the statutory agency of the federal government established to regulate and supervise the Nigerian insurance sector.
According to the minister, the terms of reference of the review committee include a critical review of the draft Insurance (Consolidated) Bill, with a view to making it a framework or principle-based legislation; a comparative review of the bill to align it with the powers of other financial regulators in the country as well as a thorough examination of current market problems and recommendation of appropriate regulatory powers to allow the insurance regulator act appropriately.
The review committee is to undertake a review of all other insurance laws and update the draft Insurance (Consolidated) Bill to align with international best practices.
The committee is also to make other recommendations as it deems fit for the overall interest of the nation’s insurance industry.