Will NASS make it happen for Nigerian insurance industry ?
It is a good news that the review committee on the revised insurance (consolidated) bill concluded its job and recently submitted the new revised bill to the Finance Ministry, experts as well as insurance operators feel that this is the starting point to overhauling the current Insurance Act 2003, hoping the new revised bill gets the nod of the National Assembly, NASS. ABDUL-KHALIQ OLALEKAN writes.
Now that the review committee constituted by the Minister of Finance, Mrs. Kemi Adeosun, to harmonise all the insurance related Acts into one document, finished their job, expectations are high that the Finance Ministry will, this time around, ensure that the bill gets to the NASS and passed into law. Already, insurance operators are optimistic the industry will witness a massive leap in profit and growth, if the bill is not just passed into law, but implemented. Industry stakeholders are happy that at least, a new dawn beckons in the insurance industry in the country.
Although, this is not the first time the Insurance Act 2003, currently in used, has been revised and sent to the Finance Ministry for approval and passage to National Assembly. In 2010, similar scenario happened as the revised bill then, was not sent to NASS for discussion and approval.
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 prosecuted for not having insurance.
The operators, as well as the regulators, 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 insurance bill, into law, hopefully before the end of the year.
The Federal Government had earlier in the year, constituted a ten-member committee to review the Insurance (Consolidated) Bill, a move that seeks to make the bill conform to the ideals of contemporary insurance practice. It is also aimed at ensuring an efficient insurance industry in the country. The review is expected to form the basis for a new draft bill, which will be sent to the National Assembly for consideration.
A statement issued by the Director of Press, Federal Ministry of Finance, Mr. Marshall Gundu, earlier, disclosed that the Review Committee, was chaired by Dr. Omogbai- Omo Eboh, a renowned expert in Insurance Law, while Dr. Talmiz Usman (Head of Legal Department, National Insurance Commission, NAICOM, is the Secretary.
Other members of the committee include a representative of the Ministry of Finance; a representative of the National Insurance Commission; a representative of Nigeria Insurers’ Association (NIA), and a representative of Nigeria Council of Registered Insurance Brokers (NCRIB). Members of the committee also include a representative of the Institute of Loss Adjusters of Nigeria (ILAN); a representative of the Attorney General of the Federation; Kamar Raji and Dr. Ladi Hamalai of the National Institute of Legal Studies (NILS).
The review committee was given a mandate by Finance Minister to undertake a review of all other insurance laws and update the draft Insurance (Consolidated) Bill to align with international best practices. The committee, she added, must also make other recommendations as it deems fit for the overall interest of the nation’s insurance industry. They were given three months to submit their report, of which they have done so recently.
The Director-General, Nigeria Insurers Association, (NIA) Mr. Sunday Thomas, while reacting to this development, said the move is a good one, stressing that the industry really needs a law that is implementable. He noted that the committee would examine the bill properly before necessary actions would be taken on it.
According to a practising Insurance Broker who preferred anonymity, the review of the insurance law by government is a welcomed development as it will take into cognizance the unfolding dynamics in the economy as it relates to the insurance industry in Nigeria, stressing that every law is kinetic and must be treated as such.
“Remember, the previous insurance law was promulgated under the military regime and expectedly it contains some noxious provisions which could be expunged while new injections could be made,” he noted. He said that the aspect that may have been critically examined in the Insurance law are issues of ethics, insurance regulation and enforcement.
He pointed out: “It remains a pain that in spite of the compulsory insurances in place, government and its various agencies and some big corporate institutions have continued to circumvent the law to the disadvantage of the insurance industry, without any form of punitive measure meted out to the culprits. All these should be taken into cognizance, holistically.”
Meanwhile, 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, added that ARIAN was later admitted into the committee that just concluded its work.
He disclosed to Business247 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.
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