FINANCE MINISTER INAUGURATES INSURANCE (CONSOLIDATED) BILL REVIEW COMMITTEE

As part of ongoing efforts by the Federal Government to reposition the insurance industry and make it play a more critical role in the nation’s economy, the Minister of Finance, Mrs. Kemi Adeosun, recently in Abuja inaugurated a Committee to review the Insurance (Consolidated) Bill.

The Committee is to critically review the draft Insurance (Consolidated) Bill with a view to ensuring that it meets all the basic tenets within the framework of the Law. It is also to review all other insurance related laws and update the draft Insurance (Consolidated) Bill to align with international best practices.

The reviewed Insurance (Consolidated) Bill is expected to reinvigorate the enforcement power of the National Insurance Commission (NAICOM) and address delays associated with insurance policy holders accessing their claims.

While inaugurating the Review Committee, the Minister of Finance, Mrs. Kemi Adeosun said the inauguration of a Committee to review the Insurance (Consolidated) Bill underscored federal government’s resolve to reposition the insurance industry and ensure that it plays its expected role in the financial services industry and the overall economy.   

The Review Committee, which will be fully funded by the National Insurance Commission, is chaired by Dr. Omogbai-Omo Eboh, a renowned expert in Insurance Law, while Dr. Talmiz Usman, Head of Legal Department, NAICOM, is the secretary.