The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN) on Friday said the reform of the insurance sector would curb capital flight from
the country.
![](https://thenigerialawyer.com/wp-content/uploads/2024/11/TheNigerialawyer-WhatsApp-Channel1.jpg")
The Attorney General spoke at public hearing on a Bill to reform the insurance sector organised by the Senate Committee on Banking, Insurance and other Financial Institutions in Abuja.
The Bill titled: “Nigerian Insurance Industry Reform Bill , 2024” was sponsored by the Chairman of the Committee, Senator Adetokunbo Abiru (APC – Lagos East).
The Attorney General, who was represented by one of his aides, Mr Oloyede Hussein, said the proposed reform, would help to curb capital flight that has been the order of the day in Insurance sector in Nigeria.
“The office of Attorney-General of the Federation, has studied the proposed provisions contained in the bill with strong conviction that it would reform the sector from one plagued by capital flight, to enable the sector to contribute to economic growth,” he said.
Managing Director of the NDIC, Bello Hassan, in his presentation, said the proposed legislation was commendable and that the corporation is 100 per cent in support of the proposed reforms.
President of Chattered Institute of Insurance Nigeria (CIIN), Mrs Yetunde Ilori, acknowledged the import of the Insurance reform bill.
She however said a provision that will make all vehicles in Nigeria to be insured by their owners, should be included as being practiced in most other countries of the world.
According to her, such provision, would deepen insurance penetration in Nigeria, make the sector more viable and make risks management more effective for the insured.
The President of Nigerian Council of Registered Insurance Brokers, Babatunde Adeleke, said the council was in support of the reform bill but said a provision that would compel all officially approved houses in Nigeria to be insured should be included.
“This is very necessary and requires empowerment of building approving authorities and National Insurance Commission (NAICOM), with relevant laws.
“For NAICOM, required legislation by way of provision in the reform bill, should be provided for it, to seal off buildings or houses that are not insured,” he said.
The Chairman of the Committee, Senator Adetokunbo Abiru, said members of the committee were happy that all the key players in the Insurance sector were in support of the reform bill.
He said the suggestions and observations made during the public hearing shall be reviewed before final report on the proposed legislation is submitted to the Senate.
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