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The Acting Commissioner for Insurance, Sunday Thomas, fabricated the alarm at a retreat organised by NAICOM for associates of the House of Representatives Board on Allowance and Actuarial Matters, in Uyo, Akwa Ibom, over the weekend.
He said the laws bare to be adapted to accommodated with all-embracing best practices.
Thomas said: “The Commission, as a approved authoritative agency, derives its ability from the National Allowance Commission Act 1997, and the Allowance Act of 2003, to primarily blank allowance convenance in Nigeria.
“I accept this acquisition provides me the befalling to accompany to your absorption the actuality that these laws in some of its accoutrement are fast acceptable anachronistic and appropriately crave burning amendments.
“It is acute to agenda actuality that a bill to alter the allowance laws has been in the works for some years now. We are, however, optimistic that back the bill is eventually presented to the 9th Assembly, it will adore accelerated attention.”
He acclaimed that Nigeria’s allowance area had two segments of underwriters absolute insurers and reinsurance companies, and intermediaries which accommodate brokers, accident adjusters, and agents.
He said there were 55 allowance companies, two re-insurance, two micro-insurance operators, as able-bodied as over 500 allowance brokers, and 2,000 agents operating in the country.
The Chairman, House Board on Allowance and Actuarial Matters, Darlington Nwokocha, said back compared to the all-embracing community, the nation’s allowance industry still has a lot of communicable up.
“In animosity of the actuality that we are lawmakers, we accept the sole albatross to avert the laws we make. There are assertive capacity in the law that acquisition little hitches for able implementation.
“Certain infractions are actuality ignored, and some of the stakeholders and operators now acquisition it added or beneath like a aphorism or barometer after because the infractions.
“There are loopholes they may await on to accord it a altered interpretation, but as a amenable House, we are aggravating to accomplish abiding that the agreeable of every act is authentic appropriately.
“The board will acquisition it absorbing for us to kick-start the action of the alteration of the Allowance Act, and to accord it bound and accelerated absorption and passage.
“We are ready; one affair is sure, there is a accepted denominator, which we charge accomplish abiding we authority tenaciously, and that is authoritative abiding that Nigerian abridgement revolves finer aural the plan of the allowance industry,” he explained.
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