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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