Why passage of new insurance law is delayed NAICOM

Chuks Udo Okonta

 

The delay in the passage of the new insurance law which started in 2009 was as a result of some hiccups at the ministry of finance following changes in leadership, the Commissioner for Insurance Fola Daniel, has said.

He disclosed this in Lagos, stating that all necessary actions have been done to enable the bill sail through the National Assembly.

He said: “Since 2009, when we started this, we have had about four ministers and of course no minister will rush a new Bill to the federal executive council without first of all trying to understand the integrity of the Bill.

“Happily, we have dotted all the i’s and crossed all the t’s; and it’s been presented to the Federal Executive Council and there was a huge understanding. We have also had retreat with various committees of the National Assembly concerned with oversight function on insurance and we are hopeful it will have a smooth ride at the legislature.

Daniel had earlier told Inspen that the proposed law will support the commission’s developmental efforts, adding that the commission in the past years has adopted developmental strategy instead of regulatory.

He noted that the law was fashioned to support government’s quest for job creation, adding that the executive is eager to ensure that insurance occupies its rightful place.

“The law that is in the offing will support our developmental efforts. It will also create jobs. One of the cardinal policies of the present administration is to create jobs – reduce unemployment and restiveness in the society.

“Graduates who are not employed may be available for mischief. We believe that any new law that is fashioned that does not support President Gooluck Jonathan’s quest to create employment and reduce poverty is not a good one. The proposed bill has been done in a way to support the government’s quest to reduce poverty in the economy.

“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,” he said.