The Senate has passed the 2024 Nigerian Insurance Industry Reform Bill, designed to provide a comprehensive legal framework for the regulation and supervision of all types of insurance businesses in Nigeria.
The Bill consolidates various existing laws governing insurance in the country, including the Insurance Act (2003), Marine Insurance Act, Motor Vehicles (Third Party Insurance) Act, National Insurance Corporation of Nigeria Act, and Nigerian Reinsurance Corporation Act, reported the newspaper Vanguard.
One notable provision is the reduction of the minimum capital requirement for reinsurance businesses to NGN35bn ($22.5m) from NGN45bn.
Senator Adetokunbo Abiru, chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, said that the proposed law seeks to modernise and consolidate Nigeria’s insurance laws to address contemporary challenges and foster growth within the industry.
As part of the legislative process, the Bill will have to be passed by the House of Representatives too and assented to by the President before it becomes law.
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