After eight years of former President Muhammadu Buhari’s administration, insurance sector operators say it’s time for stock taking as they count their gains and losses, writes Ebere Nwoji As Nigerian
After eight years of former President Muhammadu Buhari’s administration, insurance sector operators say it’s time for stock taking as they count their gains and losses, writesAs Nigerian business community joins other citizens of the country to bid the regime of the immediate past President Muhammadu Buhari fare well after eight years of tortuous economic and business experience, insurance sector operators said there were gains and losses during the administration, which must be examined.
According to the insurers, the regime met the insurance bill unattended to and left it unattended to despite that this time the bill was reviewed, repackaged and tagged Consolidated Insurance Bill with all the “ts” well crossed and “l”s well doted and having passed through the readings by the two chambers yet was totally ignored till the end of the regime.
He specifically commended the role played by the underwriters at the peak of COVID-19 crisis thanking them for making the country proud by successfully organising the conference. Standing on this promise, the then Chairman Nigeria Insurers Association , Mr. Tope Smart became excited that the industry’s effort was being appreciated at the highest level of authority adding that it was a sign that federal government was beginning to accord recognition to importance of insurance .
THISDAY findings on other major regrets of the sector operators on the past regime points to the failure to sign the Consolidated Insurance bill into law. The 2020 consolidated insurance bill when passed into law, is expected to effect a lot of changes in the insurance sector’s narrative. Musa said, “The Association has participated in all the processes thus far and would continue to monitor developments in respect of the bill as it receives legislative attention.”
According to him the prevailing law has a lot of weaknesses and can no longer drive the industry in the present century. Another recommendation of insurers in the bill is N5 million fine for fake insurance certificate perpetrators. “I don’t know why it was not signed may be they don’t have fate in insurance in Nigeria, they don’t want its progress they want it to remain stagnant but they should have understood that insurance is financial power house of every economy. If government knows what it is doing, it should not be leaving insurance behind.
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