BY NKECHI NAECHE- ESEZOBOR–The House of Representatives on Wednesday passed the 2024 insurance Industry reform Bill reform
The bill, when signed into law will repealed the Insurance Act, Cap 117, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap M3, Laws of the Federation of Nigeria, 2004; The Motor Vehicle (Third Party) Insurance Act, Cap M22, Laws of the Federation of Nigeria, 2004; the National Insurance Corporation of Nigeria Act, Laws of the Federation of Nigeria, 2004 and the Nigerian Insurance Reinsurance Corporation Act, Cap N131, Laws of the Federation of Nigeria, 2004.
The Senate, in December last year passed the 2024 Nigerian Insurance Industry Reform Bill, marking a major move for the insurance and reinsurance companies to get new operating capital base.
The Bill, is made up for various regulations to transform different aspects of the Nigerian Insurance Industry, followed the adoption of the report by the Committee on Banking, Insurance, and other Financial Institutions.
The new Bill recognises two classes of insurance in the country (life and non-life insurance) increased minimum capital requirement across the various classes of insurance.
The Bill which was presented by Hon. Julius Ihonvbere, Owan Federal Constituency, also comes with new minimum capitals required for life N10 billion, Non- life business at N15billion while reinsurance businesses new capital is expected to stand N35billion.