Monday 29 July 2013

FG set to send insurance bill to National Assembly


 

Chuks Udo Okonta

The Federal Government is putting finishing touches on the insurance industry bill for onward transmission to the National Assembly, Inspen has learnt.

It was gathered from a source in the National Insurance Commission (NAICOM) that the bill is almost on its way to the National Assembly.

Commissioner for Insurance Fola Daniel, said the bill will receive urgent attention when it gets to the National Assembly, adding that the relevant committee of the Assembly which oversights function on insurance, has promised to do what is needful to ensure that there is no unnecessary delay in the passage.

He said the National Assembly is very eager to do anything to support insurance growth and development, stressing that the legislators are very willing and waiting to support the growth of insurance.

 He said: “The proposed bill has been done in a way to support the government’s quest to reduce poverty in the economy. As to time line when the law will be out, we do not have control over when legislation is passed. I can say that very soon the executive should be in a position to send the bill to the National Assembly.

“When it gets to the National Assembly, how long it will take, we do not know. I can say that the insurance environment is lucky. The relevant committee of the National Assembly that has oversight function on insurance is very eager to do anything to support insurance growth and development.

“And if one of the tools to ensure rapid development is the review of the law, they have assured us that as soon as they see the bill, they would do what is needful to ensure that there is no unnecessary delay; and I believe them. That is why I said we are lucky. The executive is eager to ensure that insurance occupies its rightful place. The legislators are very willing and waiting to support the growth of insurance in our environment.”

 

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