Insurance Bill 2020: Insurers Vow To Remain On Course

By LOVETH AZODO, Lagos

.. As NIA Advocates For Provision Of Data, Payment Of Premium On Gov’t Assets

Following the consolidated Insurance Bill 2020 yet to be passed into law, the Nigerian Insurers Association has stated that the body will continue to pursue the bill doggedly until it finally scale through into law.

This is just as the management of the association revealed that insurers has continued to engage the Federal Government on the issue of provision of appropriate data and payment of premium on Insurance of government assets.

The President of the association, Mr Ganiyu Musa who stated this at a press conference in preparation of the association’s Annual General Meeting in Lagos said that the Association has participated in all the processes thus far and will continue to monitor developments in respect of the bill as it receives legislative attention.

In his optimism, he maintained that the association will remain cautiously optimistic that the Bill will be signed into law before the tenure of the 9th National Assembly lapses.

He said It is expected that the new law will have a positive impact on the insurance space in Nigeria and align it with global best practice.

Musa vowed that the Association continues to scale up its engagements with the government with a view to creating more understanding of the importance and role of insurance in the national economy.

“The leadership of the Association has been engaging representatives of Federal Ministry of Finance, Budget And National Planning, the office of the Head of Service and the Accountant General’s Office on the issue of provision of appropriate data and payment of premium on Insurance of government assets.”

According to him, Several meetings have been held with a view to resolving the data funding challenges. “We are optimistic that all the areas of concern will be resolved as quickly as possible so that insurance companies can perform their statutory obligations in that regard,” he said.

Speaking on data and payment of premium on Insurance of government assets, he said The Association continues to scale up its engagements with the government with a view to creating more understanding of the importance and role of insurance in the national economy.

“The leadership of the Association has been engaging representatives of Federal Ministry of Finance, Budget And National Planning, the office of the Head of Service and the Accountant General’s Office on the issue of provision of appropriate data and payment of premium on Insurance of government assets. Several meetings have been held with a view to resolving the data funding challenges.”

“We are optimistic that all the areas of concern will be resolved as quickly as possible so that insurance companies can perform their statutory obligations in that regard,” he said.

On claims from the ENDSARS protest, Musa iterated that the association was fully involved in making sure that genuine claims are settled “I am happy to report that as at December 2021, our member companies have paid over NGN11.1billion claims to insureds.”

The president revealed that the association are engaging with Road Traffic Officers of the Federation to drive integration of the third-party motor Insurance across the states following their request for the implementation of the system in all 36 states including the FCT.

“The Association will continue to partner relevant government agencies on the adoption of the NIID/NIIP.”

“We are also working with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law – Occupiers Liability and Builders Liability insurance.”

“The Association is also working closely with the state vehicle Inspection service on enforcement of Third-Party Motor Insurance in the States. Kaduna, Kogi, Rivers and Ogun States have already keyed into the project and more States are already discussing with the Association to finalize arrangements on how they can join. Our aim is to achieve national coverage.”

“We remain hopeful that other states will see value in the platform and embrace it,” he said.