casibom http://wmpmb.wima.ac.id/ casibom giriş casibom casibom giriş casibom https://finallylearn.com/ casibom https://duchessofwisbeach.co.za/ https://zoomorelia.michoacan.gob.mx/bets10/ https://maps.google.com.tr/mobile?q=Bets10+-+Bets10+Giris+Guncel+-+duchessofwisbeach.co.za https://www.google.com.tr/search?q=Casibom+-+Casibom+Giris+Guncel+-+glcensus.org https://maps.google.com.tr/mobile?q=deneme+bonusu+veren+siteler+-+asadorelgordoo.com https://maps.google.com.tr/mobile?q=casibom+casibom+giris+guncel+-+glcensus.org https://maps.google.com.tr/mobile?q=seo+-+seo%20paketleri+backlink+paketleri+-+deepseoo.com https://maps.google.com.tr/mobile?q=Bets10+-+Bets10+Giris+Guncel+-+evenswiss.co.uk https://maps.google.com.tr/mobile?q=betturkey+-+betturkey+giris+guncel+-+katembe2.com casibom https://maps.google.com.tr/mobile?q=casibom+giris+glcensus.org casibom jojobet betturkey betturkey casino siteleri xslot Casibom bahis siteleri casino siteleri deneme bonusu veren siteler https://maps.google.com.tr/mobile?q=Casibom+-+Casibom+Giris+-+Casibom+Resmi+Giris+-+Coredialpartners.com https://casilbom747.com/ casibom deneme bonusu veren siteler Marsbahis giriş casibom https://t.me/casibomgirisguncel
NAICOM Lists Key Highlights Of Newly Passed Nigerian Insurance Industry Reform Bill - The Revealer
Insurance

NAICOM Lists Key Highlights Of Newly Passed Nigerian Insurance Industry Reform Bill

…As Nigerians Call For Proper Application Of Provisions In The Bill

While warmly welcoming the passage of the new Insurance Industry Consolidated Bill, the Nigerian insurance industry regulator, the National Insurance Commission (NAICOM), has listed the key highlights in the Reform Bill, saying that the newly passed bill introduces several pivotal provisions aimed at fortifying Nigeria’s insurance industry.

The key highlights of the legislation, according to NAICOM, include: “Enhanced Capital Requirements – New minimum capital requirements for insurance companies, ensuring they are adequately capitalized to underwrite risks and protect policyholders

”Risk-Based Supervision – Consolidation of the risk-based approach to supervision, enabling regulators to more effectively monitor and manage risks within the industry.

“Strengthened Consumer Protection – Improved consumer protection requirements, safeguarding the interests of policyholders and promoting transparency and fairness in insurance practices

”Streamlined Regulatory Framework – An enhanced regulatory framework, providing clarity and consistency in the regulation of insurance businesses, and facilitating a more efficient and effective supervisory process.

The new Insurance Consolidated Bill was passed yesterday by the Upper Chamber of the National Assembly.

NAICOM said “The passage of the Bill has marked a significant milestone in the country’s efforts to revamp the insurance industry after nearly two decades.

“The Commission believes that the Bill is a game changer for the Nigeria’s insurance industry, and is going to have high positive impact on the contribution of insurance sector to the country’s GDP and economy as a whole.

“By consolidating existing insurance laws, the new legislation marks a new era in the ongoing efforts to strengthen the Nigeria’s insurance industry.

“The bill provides a comprehensive framework for regulating all types of insurance businesses and ensuring a more robust and effective industry.”

Passage of the Bill, according to NAICOM, marks a significant triumph for Nigeria’s insurance industry, tackling the long-standing challenge of low insurance penetration in the country.

“The new legislation addresses the industry’s need for a more robust legal and regulatory framework, enabling it to compete favorably in the African insurance market and globally.

“This achievement comes after years of operating with laws that have failed to keep pace with the country’s evolving economic landscape. Unlike other sectors that have undergone multiple phases of legislative reforms to reflect current economic realities,”;NAICOM stated.

Some Nigerians who spoke to our correspondent on the development include Engr. Sampson Emmanuel, Commended members of the National Assembly for passing the Bill, even as the called for proper application of the provisions enshrined in the legislation.

He said the a new legislation for insurance industry in Nigeria was long overdue, adding that with the passage of the 2024 insurance industry reform bill, the industry will be repositioned to play its role well as the backbone of the nation’s economy.

In his contribution to the subject matter, Mr. Ajisafe Adeyemi, the Managing Director of Suregate Logistics, described the passage of the bill as a welcome development.

He called on all the regulatory agencies in the industry to ensure the enforcement of the provisions enshrined in the bill for the betterment of all stakeholders.

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button