President Muhammadu Buhari yesterday in Abuja assured the insurance industry of speedy signing into law the consolidated Insurance Industry Bill 2020.
The President gave the assurance during his conferment ceremony as the Grand Patron of the Chartered Insurance Institute of Nigeria (CIIN) by the Chairman and members of the Governing Council of the Institute, Sir Muftau Oyegunle at the State House.
“Once the National Assembly has finished the process of reviewing the Consolidated Insurance Bill 2020 and is forwarded to me, I would speedily subject it to the necessary executive checks and sign it into law,’’ the President said.
According to a statement signed by presidential spokesperson, Femi Adesina, the President, also commended the leadership of the institute under Sir Muftau Oyegunle for bringing some sanity into the Nigerian insurance industry as well as giving more visibility to the importance of the industry in national development, counselled them to do more.
‘‘As you continue in your work of contributing to national development, I want to urge you to further increase the number of Nigerians and businesses that would benefit from and be benefited by the insurance industry,” he said.
“As you are well aware, you need to dispel misconceptions about the insurance industry presently held by a good number of Nigerians, especially as it relates to claims and need for insurance.
‘‘As I have said on many occasions and would continue to reiterate, it is my commitment to leave a sustainable growth and development legacy by the end of this administration.
‘‘Furthermore, the insurance industry as a whole must improve its efficiency and honour claims in good time;” he added.