By ABDUL-KHALIQ OLALEKAN
The Insurance Guidelines review committee constituted by the Minister of Finance, Mrs. Kemi Adeosun, to harmonise all the insurance related Acts into one document, has finished its job, and has submitted the harmonised document to the Finance Ministry, Business247 can authoritatively reveal.
The review committee was given three months to complete its assignment and it has submitted the report according to the time frame for the assignment.
Although, this is not the first time the Insurance Act 2003, currently in use, has been revised and sent to the Finance Ministry for proper approval and passage to the National Assembly (NASS), in 2010, similar scenario happened, as the revised bill then, was not sent to NASS for discussion and approval.
However, expectations are high that the Finance Ministry will, this time around, ensure that the bill gets to the NASS and passed into law.
As a matter of fact, the current Insurance Act 2003, is so obsolete that insurance operators now result to persuasion rather than compulsion for people to subscribe to insurance products and services, a step contrary to what obtained in developed and some developing economies, where someone can be detained for not having insurance cover.
The operators as well as the regulator have no option than to continue to use the obsolete Act to carry out their civic responsibilities, though, it incapacitates the insurance industry.
However, with the recent completion of assignment given to the review committee to review and harmonise the relevant insurance laws into one document, experts expect the passage of the new insurance bill into law hopefully, before the year runs out.
Confirming this development in an exclusive interview with Business247 over the weekend, the National President, Association of Registered Insurance Agents of Nigeria (ARIAN), Mr. Gbadebo Olameru, who said, he was unhappy that his association was initially excluded from the review committee, added that ARIAN was later admitted into the committee that just concluded its work.
He disclosed that all issues affecting the industry negativity were discussed and addressed in the new revised guideline, hoping it would get the nod of the senators.
The issue of rate-cutting, fake insurance, among others, he said, were amicably addressed in the new revised Insurance bill.