Senate invites stakeholders to ensure compliance with Insurance laws

The  Senate yesterday  directed its committee on Banking, Insurance and other financial institutions to invite all stakeholders in the insurance sectors to deliberate on means of ensuring strict implementation of insurance laws.

The senate resolution at Tuesday plenary followed a motion tagged “implementation of compulsory insurance in Nigeria as provided in the insurance Act and regulation, 2003, sponsored by Senator Ahmed Ogembe (kogi Central) and Eight others.

Leading debate on the motion, Senator Ogembe  said there were unaccountable number of unregistered insurance institutions selling worthless insurance certificates to unsuspecting members of the public and needed to be addressed.

He added that this reprehensible act was mostly manifest in the third party motor insurance scheme where unregistered institutions connived with relevant law enforcement agencies to perpetrate their act.

The lawmakers, who spoke in support of the motion reiterated the need to sensitise the members of the  public on th services advantage rendered by very important sector of the economy.

In his remarks, Deputy President of the Senate, Senator Ike Ekweremadu who presided over the plenary, charged insurance companies to live up to their obligations.

 

Source: Leadership