The institute of Loss Adjusters of Nigeria ILAN has hailed the recently accented Nigeria Insurance Industry Reform Act 2025 as not a revolutionary piece of legislation but also a novel for loss adjusters in all ramifications of its profession.
The immediate past President of the Institute, Diipo Olarenwaju, made these assertions at the 43 annual general meeting held at ILAN House Surulere, Lagos where he was given a standing ovation for steering the affairs of the Institute to a level not attained before his tenure. Endorsing the great strides made by all the stakeholders especially the National Insurance Commission NAICOM, Olarenwaju cleared that NIIRA ’25 provides a validity period of five years for renewal of loss adjusters operating license.
Narrating the response of the Council to NIIRA he said, “Your Council met… to address pressing areas of concern affecting us as Institute, such as payment of professional fees earned by loss adjusters and payment of the corresponding ISS levy. These concerns were forwarded to NAICOM” and he expressed optimism that the Commission top echelon that the discussion was held with would respond “to the letter written to NAICOM in this respect.
“I will therefore advise that those with their renewable due should submit application in line with the current process as previously done until we receive appropriate feedback and we are clear on the way forward,” he stated.
Speaking on the unfinished business of review of adjusters scale of fee, his mode dropped from the content space; he made a detour into memory lane dotted with stalemates on same issue. Taken a last look at the scale of fee terrain as a President few steps away from the exit door, he was not cagey in his submission. “The call for review of adjuster’s Scale of Fee is as old as the Institute. Several efforts have been made in the past and I salute our past and present leaders in this respect.”
He said the ILAN Committee with Bola Temowo as the head met severally with the NIA Committee, this he noted “resulted in the NIA reviewing the scale but this review was found to be far from what we proposed to them. After due deliberation, our committee found it necessary to reject NIA’s offer. Discussions are still ongoing in this respect and we are expecting their feedback.”
