The National Insurance Commission (NAICOM) has expressed optimism over the passage of the reintroduced 2020 Consolidated Insurance Bill by the 10th National Assembly and its assent by President Bola Tinubu.
Mr. Sunday Thomas, Chief Executive Officer (CEO), NAICOM, said this at the 2023 retreat for journalists covering the insurance industry in Uyo, Akwa Ibom.
Chronicle NG reports that the retreat was tagged “Improving Stakeholder Perception: 2023 and Beyond”.
Thomas explained that the consolidated indemnity bill was unfortunately not assented to by former President Muhammadu Buhari before he left because it got to him late.
“Of course there are procedures and processes for such things. Though we are not going to start again from the beginning, the National Assembly is now looking at it.
“The bill has now gone through the first reading, and we are following up to see that it is concluded as soon as possible.
“The industry had a very high hope that the last administration was going to conclude on the bill, but that didn’t happen.
“We have not given up on our hope, knowing that the bill is a game changer because of a lot that is in it and its importance to the sector,” he said.
Thomas disclosed that operators in the insurance sector are not just sitting and waiting for the assent of the bill but are preparing to hit the ground running once it is signed into law.
