Acting Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Sunday Thomas, has reiterated call for the amendment of some laws governing insurance practice in the country.
Thomas made the call at a retreat organised by NAICOM for members of the House of Representatives Committee on Insurance and Actuarial Matters, in Uyo, Akwa Ibom State, at the weekend.
He said that the laws needed to be amended to meet with international best practices.
Thomas said that a bill to amend the laws was being worked on and appealed to the House to give attention to the bill for quick passage.
“The Commission as a statutory regulatory agency derives its powers from the National Insurance Commission Act 1997 and the Insurance Act of 2003, to primarily oversight insurance practice in Nigeria.
“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 requires 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,’’ Thomas said.
He said that the country’s insurance sector had two segments of underwriters comprising insurance and re-insurance companies, intermediaries which consisted of insurance brokers, loss adjusters and agents.
He said there were 55 insurance companies, two re-insurance, two micro-insurance operators, as well as over 500 insurance brokers and 2,000 agents operating in the country.
Chairman, House Committee on Insurance and Actuarial Matters, Mr Darlington Nwokocha, said the nation’s insurance industry when compared to the international community had a lot to catch up with.
“In spite of the fact that we are lawmakers, we have the sole responsibility to defend the laws we make.
“Today, the insurance industry when you compare it on the same platform with the international community, you will find out that Nigeria still has a lot to meet up with. We are trying our best to see what we can do.
“There are certain ingredients in the law that finds little hitches for proper implementation.
“Certain infractions are being ignored and some of the stakeholders and operators find it now more or less like a rule or norm without considering the infractions.
“There are loopholes they may rely on trying to give it a different interpretation but as a responsible House, we are trying to make sure that the content of every act is defined appropriately.