The immediate past chairman of the Nigerian Insurers Association (NIA), Ganiyu Musa, has lauded the Finance Act 2021 as it has resolved the proper definition of capital in insurance.
Speaking at a press briefing at Insurers House at Victoria Island, Lagos said “we are delighted to report that with the President’s assent to the Finance Act 2021, we now have a more acceptable definition of capital. Prior to this time, the definition of Capital in Insurance Act 2003 was defective and highly restrictive”.
Said he “We appreciate the Hon Minister of Finance, Budget and National Planning, Commissioner for Insurance, KPMG and members of our Association for their support in seeing this process through. We are optimistic that this major milestone achievement has removed the major encumbrance on the recapitalization exercise”.
Futhermore he said “The Association is closely monitoring developments on the Consolidated Insurance Bill 2020 and will continue to pursue same doggedly until it is finally passed into law.“The Association has participated in all the processes thus far and will continue to monitor developments in respect of the bill as it receives legislative attention. It is expected that the new law will have a positive impact on the insurance space in Nigeria and align it with global best practice”.
,According to him “We must acknowledge the cooperation received from the Speaker, Federal House of Representatives, Rt. Hon. Femi Gbajabiamila, Chairman and members of the House Committee on Insurance and Actuarial Matters, National Insurance Commission (NAICOM) and other stakeholders in the journey thus far.
“We remain cautiously optimistic that the Bill will be signed into law before the tenure of the 9th National Assembly lapses”.
Besides, he said “The Association continues to scale up its engagements with the government with a view to creating more understanding of the importance and role of insurance in the national economy.
“The leadership of the Association has been engaging representatives of Federal Ministry of Finance, Budget And National Planning, the office of the Head of Service and the Accountant General’s Office on the issue of provision of appropriate data and payment of premium on Insurance of government assets. Several meetings have been held with a view to resolving the data funding challenges. We are optimistic that all the areas of concern will be resolved as quickly as possible so that insurance companies can perform their statutory obligations in that regard”.