Insurance (Consolidated) Bill

The federal government has constituted a ten-member committee to review the Insurance (Consolidated) Bill, a move that seeks to make the bill conform to 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 has already been constituted to carry out the review, said the review committee with members drawn from the public and private sectors is to submit its report within three months.

A statement issued on 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 Esq and Dr. Ladi Hamalai of the National Institute of Legal Studies.

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