NIA hopeful of presidential assent to 2020 Consolidated Insurance Bill

The Nigerian Insurers Association (NIA) (the umbrella body for insurance and re-insurance firms) has expressed optimism that President Muhammadu Buhari would accent to the 2020 Consolidated Insurance Bill before the tenure of the Ninth National Assembly Session ends.

The chairman of the association, Olusegun Omosehin, said this at a press conference in Lagos at the weekend.

He expressed satisfaction that the Bill proposed since 2020 for review of the Insurance Act 2003, had been passed.

According to him, “The process for reviewing the Insurance Act 2003 has been ongoing since year 2020 when the Consolidated Insurance Bill was proposed.

“Since then, we have been following through with all the processes and I am indeed delighted to inform you that the Bill has been passed. It is currently going through the remaining legislative procedures preparatory to the presidential accent.

“We are hopeful that the Bill will receive speedy attention, so that the industry can begin to tap into the opportunities provided by the new law.

“We are optimistic that the President will accent to the Bill after receiving it and this will be part of the achievements of the Ninth Assembly before their exit”