Business
THE Nigerian Insurers Association (NIA) on Thursday congratulated President Muhammadu Buhari on his re-election, tasking him on reforms in the insurance sector, especially the need to pass the Consolidated Insurance Bill.
The Chairman of NIA, Mr Tope Smart, told the News Agency of Nigeria (NAN) in Lagos that in spite of the fact that the President had achieved remarkable achievements in the past four years, more needed to be done, especially in completing unfinished projects.
“I believe that the re-election of Buhari will be a government of `Next Level’ on projects that had yet to be completed and more infrastructure development, ‘’ Smart said.
Smart called for the passage of Consolidated Insurance Bill that would enhance insurance service delivery in the country.
According to him, part of the contents of the proposed bill included punitive measures against insurance evaders, in a bid to increase insurance penetration and enforcement in the country.
He said the insurance industry might continue to lose about N1.5 trillion annually to non-insurance of vehicles, tricycles and motorcycles, public buildings and rate-cutting if the bill keeps pending.
“In 2010, the industry stakeholders brainstormed and came up with Revised Insurance Bill 2010.
“The only major achievement since the revision of the Insurance 2010 bill was that it continued to occupy a space in the Finance Ministry.
“When the Buhari-led administration came into office in 2015, one of its first assignments was to set up a committee to review all insurance-related laws and consolidate them into a document now known as Consolidated Insurance Bill.
“The committee finalised its work same year. Almost four years after, the bill is yet to get to the National Assembly for consideration,’’ he said.
Smart appealed to President Buhari to ensure the bill is given utmost attention.
“Apart from the industry’s capacity to improve its contributions to the Gross Domestic Product (GDP) and employment creation, it could also provide short and long term funds for government for infrastructure development, instead of resorting to external borrowing, ‘’ he said.
Smart advised Nigerians to come out with good ideas that would help Buhari to deliver good governance.
NAN reports that Buhari, who ran on the platform of the All Progressives Congress (APC), 15.19 million votes to defeat his closest rival, Atiku Abubakar who got 11.26 million votes in Saturday’s Presidential Election. (NAN)
– Feb. 28, 2019 @ 15:35 GMT |
Tags: NIA tasks Buhari on Consolidated Insurance Bill
