The Nigerian Senate has passed the 2024 Nigerian Insurance Industry Reform Bill. This followed the adoption of the report from the Committee on Banking, Insurance, and Other Financial Institutions at plenary on Tuesday. The report was presented by the Chairman of the Committee, Senator Abiru Adetokunbo (APC-Lagos).
Senator Adetokunbo, while presenting the report, noted that the bill was read the second time on July 18.
He said the bill aimed to consolidate various existing legislations regulating insurance businesses in Nigeria, including the Insurance Act 2003, the Marine Insurance Act, the Motor Vehicles Third Party Insurance Act, the National Insurance Corporation Act, and the Nigerian Reinsurance Corporation Act.
One of the major objectives of the bill, he said, was to ensure a better future for Nigeria and establish a robust legal and regulatory framework that would enable the insurance sector…
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