The Nigerian Insurers Association (NIA) is upbeat that the up scaled situation states of Insurance Bill 2020 and, the engagement with road traffic officers across the states and the FCT to drive integration of the third party motor insurance are set to make a successful landfall.
The optimism of the NIA was disclosed by the chairman, Ganiyu Musa at the sign off media briefing at the Insurers House in Lagos, who said the Association eyes are on the legislative process and “closely monitoring development on the consolidated bill 2020 and will continue to pursue doggedly until it is finally passed.”
Acknowledging the commitments of the House Speaker, RT. Hon. Femi Gbajabiamila and Chairman and members of House Committee on Insurance and Actuarial Matters, National Insurance Commission and all stakeholders, Musa remained “cautiously optimistic that the bill will be signed into law before the term of the 9th National Assembly lapses.”
More so, he said 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. 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.”
On the third party motor insurance, he said the federal wave for the implementation in all 36 states including FCT is ongoing and the Association will continue to partner relevant government agencies on the adoption of the Nigerian Insurance Industry Database/Nigerian Insurance Industry Platform.
He said the Association is closely working with Kaduna, Kogi, Rivers and Ogun states for the enforcement and more states have been contacted with national coverage in mind.
Besides, he said NIA is also working with Lagos State Building Control Agency as part of engagements in the implementation of Lagos State Building Law- occupiers liability and builders liability insurance.