Stakeholders are putting plans in place to re-introduce the 2020 Consolidated Insurance Bill waiting to be assented to by the President.
They are seeking the urgent passage of the bill into law to address some of the industry challenges.
Stakeholders, who expressed optimism that the Bill will receive speedy attention and begin to tap into the opportunities provided by the new law in the current administration, said they have followed through with all the processes to close any missing gap. Speaking to The Guardian, a fellow of the West African Insurance Board, Chijioke Nwafor, said: “We were surprised that President Muhammadu Buhari signed over eight bills into law some few weeks before his exit from office but never signed the Consolidated Insurance Bill.
On the benefits inherent in the bill, he said: “If finally signed into law it would help to consolidate all insurance laws in Nigeria. We have some lacuna associated with the 2003 Act like the issue of compulsory insurance. The bill is expected to increase the industry growth and it will make insurance to have a positive impact on the insurance space’’
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