NAICOM wants obsolete insurance laws amended
The acting Commissioner for Insurance, Mr Sunday Thomas, says some aspects of the country’s insurance laws have become obsolete and need to be amended.
He said this at the retreat for members of the House Committee on Insurance and Actuarial matters at Uyo on Monday.
He said, “I believe this event provides me the opportunity to bring to your attention the fact that these laws in some of its provisions are fast becoming obsolete and thus require urgent amendments.
“It is imperative to note here that a bill to amend the Insurance laws has been in the works for some years now, we are however, optimistic that when the bill is eventually presented to the 9th Assembly, it will enjoy an accelerated attention.”
The commission as a statutory regulatory agency, he added, derived its powers from the National Insurance Commission Act 1997 and the Insurance Act of 2003 to primarily oversee insurance practice in Nigeria.
Thomas also said the commission over the years in the course of discharging its duties and keeping to its mandate, had introduced a number of initiatives, especially in the area of market development to boost insurance penetration and growth.
While a lot had been achieved by the commission in these regards, he said, there was a lot to be done if it must attain the desired goals as an industry.
Thomas said the commission had also as a matter of deliberate policy, adjusted its strategy to focus more on developmental issues than compliance issues going forward in the overall interest of all stakeholders.
According to him, the foundation to ensure successful implementation of its initiatives in this regard was being laid.