FG moves to review Consolidated Insurance Bill

The Federal Government has concluded plans to review the Consolidated Insurance Bill.

The Minister of Finance, signed by the Director of Press, Marshall Gundu, said the move is aimed at making the bill conform to the ideals of contemporary insurance practice and ensure an efficient insurance industry in the country.

Gundu, maintained that it is expected that the review will form the basis of a new draft bill, which will be sent to the National Assembly for consideration.

The Director of Press said a committee has been constituted to carry out the review. The committee, with members drawn from the public and private sectors, is to submit its report within three months.

The committee, soon to be inaugurated by the Finance Minister, Mrs. Kemi Adeosun, 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.

Members include representatives of the Ministry of Finance, National Insurance Commission, Nigeria Insurers’ Association and Nigeria Council of Registered Insurance Brokers.

The minister said the activities of the committee will be fully funded by the National Insurance Commission, which is the statutory agency of the federal government established to regulate and supervise the Nigerian insurance sector.