Business

‘Consolidated bill’ll spur insurance industry growth’

The Chairman, House of Representatives Committee on Insurance and Actuarial Matters, Hon. Darlington Nwokocha, has assured that Insurance Act, 2003 (Amendment Bill), which is 70 per cent completed by the National Assembly has the capacity to revamp insurance industry for speedy growth.

 

Nwokocha, who spoke last week at a sensitisation workshop on insurance for micro, small and medium enterprises (MSMEs) held in Lagos, said the bill, when passed into law, would boost insurance business, which will in turn benefit all Nigerians.

 

He assured that all insurance issues being encountered by many would be a thing of the past.

 

According to him, the compulsory insurances include Motor Third Party Insurance and Insurance of Public Buildings.

Others, which are Employee Group Life Insurance, Health Care Professional Indemnity, Insurance of Buildings under Construction, Aviation Third Party Insurance and Marine Insurance will equally be bendegrees  eficial to the industry and the country at large. He commended Lagos State government for its effort in promoting insurance penetration in the state.

 

He noted that Lagos State would serve as a sample state for insurance compliance. ”I want to congratulate Lagos State Government because what you are doing in the area of insurance and insurance Penetration is encouraging.

 

We are going use Lagos State as a sample of where insurance works,” he assured.

 

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