Yemisi Izuora
The National Insurance Commission (NAICOM), has assured that the insurance sector is set to contribute positively to Nigeria’s financial landscape.
The assurance is coming with the passing of the Insurance Reform Bill by the Federal House of Representatives
The insurance regulator expressed the believe that by the time the Insurance Reform Bill is signed into Law, it will have a profound impact on the industry, leading to improved penetration, increased public confidence, and enhanced competitiveness.
The Commission thus welcomed the passage of the Insurance Reform Bill by the lower chamber of the National Assembly, which was a follow up of its passage by Upper Chamber earlier in December
The NAICOM described the development as a milestone achievement that marks yet another significant step towards transforming the insurance industry in Nigeria.
The Commission further expressed enthusiasm about the prospects of the Bill receiving assent from Mr. President, which will pave the way for the implementation of its provisions.
“As the apex regulator of the insurance industry, NAICOM is committed to ensuring that the sector contributes positively to Nigeria’s financial landscape.
We believe that by the time the Insurance Reform Bill is signed into Law, it will have a profound impact on the industry, leading to improved penetration, increased public confidence, and enhanced competitiveness.”
“We salute the leadership of the National Assembly for their efforts in passing the bill and look forward to its assent by Mr. President. We are confident that the Reform Bill will usher in a new era of growth and development for the insurance industry in Nigeria.” NAICOM said.