Senate Passes Insurance Reform Bill to Third Reading

The Senate has passed to the third reading a bill for an act to reform the Insurance Bill.

The passage of the bill followed the consideration of a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Abiru Adetokunbo, representing Lagos Central.

While presenting the report, Senator Abiru explained that the bill seeks to consolidate existing legislation with the primary aim of regulating insurance businesses in Nigeria.

The lawmaker listed the legislations to include the Insurance Act 2003, the Marine Insurance Act, Motor Vehicles Third Party Insurance Act, the National Insurance Corporation Act,and the Nigerian Reinsurance Corporation Act.

Senator Adetokunbo told his colleagues that other major objective of the bill was to enable Nigerians have a better future for themselves and the need for a robust legal and regulatory framework that would see insurance sector contributing positively to principal objective of financial assistance practices.

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