{"id":40548,"date":"2022-08-25T05:16:31","date_gmt":"2022-08-25T05:16:31","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=40548"},"modified":"2022-08-25T05:16:31","modified_gmt":"2022-08-25T05:16:31","slug":"were-optimistic-of-passage-of-consolidated-insurance-bill-nia","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/08\/25\/were-optimistic-of-passage-of-consolidated-insurance-bill-nia\/","title":{"rendered":"We\u2019re optimistic of passage of consolidated insurance bill \u2013 NIA"},"content":{"rendered":"<p>Mr Ganiyu Musa, the outgoing Chairman of The <strong><a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/09\/insurance-practitioners-sensitise-nigerians-on-indemnity-other-policies\/\">Nigeria Insurers Association<\/a><\/strong> (NIA) said he was optimistic the Consolidated Insurance Bill 2020 would soon be signed into law.<\/p>\n<p>Musa said this at a media briefing on Wednesday in Lagos, to give account of his stewardship for the past two years.<\/p>\n<p>He assured that the bill would passed into law before the end of the tenure of the ninth <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/01\/06\/lawyers-laud-cjns-call-on-national-assembly-to-confer-cct-ccb-control-on-njc\/\">National Assembly<\/a>.<\/p>\n<p>Musa said the association was closely monitoring developments on the insurance bill and would continue to pursue same doggedly until it was finally passed into law.<\/p>\n<p>He explained that NIA had participated in all the processes thus far and would continue to monitor developments in respect of the bill.<\/p>\n<p>\u201cIt is expected that the new law will have a positive impact on the insurance space in Nigeria and align it with global best practice.<\/p>\n<p>\u201cWe must acknowledge the cooperation received from the Speaker, Federal House of Representatives, Rt. Hon. Femi Gbajabiamila, Chairman and members of the House Committee on Insurance and Actuarial Matters.<\/p>\n<p>\u201cAlso, <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/27\/universal-insurance-concluding-arrangements-to-meet-new-capital-base-md\/\">National Insurance Commission<\/a> (NAICOM) and other stakeholders in the journey thus far,\u201d he said.<\/p>\n<p>The NIA chairman lauded President Muhammadu Buhari\u2019s assent to the Finance Act 2021, which has now given a more acceptable definition of capital.<\/p>\n<p>Musa, also Managing Director, Cornerstone Insurance Plc, noted that prior to this time, the definition of capital in Insurance Act 2003 was defective and highly restrictive.<\/p>\n<p>\u201cWe appreciate the Honourable Minister of Finance, Budget and National Planning, Commissioner for Insurance, KPMG and members of our association for their support in seeing this process through.<\/p>\n<p>\u201cWe are optimistic that this major milestone achievement has removed the major encumbrance on the recapitalisation exercise,\u201d he said.<\/p>\n<p>Musa stated that the association had begun engagements with Road Traffic Officers of the Federation to drive integration of the third-party motor Insurance across the states.<\/p>\n<p>He pledged that the association would continue to partner relevant government agencies on the adoption of the Nigeria Insurance Industry Database (NIID)\/Nigeria Insurance Industry Portal (NIIP).<\/p>\n<p>The NIA chairman said the association was also working with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law \u2013 Occupiers Liability and Builders Liability insurance.<\/p>\n<p>Musa said: \u201cThe Association is also working closely with the state vehicle inspection service on enforcement of Third-Party Motor Insurance in the states.<\/p>\n<p>\u201cKaduna, Kogi, Rivers and Ogun states have already keyed into the project and more states are already discussing with the association to finalise arrangements on how they can join.<\/p>\n<p>\u201cOur aim is to achieve national coverage. We remain hopeful that other states will appreciate the value of the platform and embrace it.<\/p>\n<p>According to him, the association continues to scale up its engagements with the government with a view to creating more understanding on the importance and role of insurance in the national economy.<\/p>\n<p>Musa said the leadership of the association had been engaging representatives of Federal Ministry of Finance, Budget And National Planning, the office of the Head of Service and the Accountant General\u2019s Office on provision of appropriate data and payment of premium on insurance of government assets.<\/p>\n<p>He stated that the association had continued to maintain a very cordial relationship with the National Insurance Commission (NAICOM ) in the overall interest of the market.<\/p>\n<p>\u201cThis is to ensure that matters of common interest are discussed and agreed to avoid friction.<\/p>\n<p>\u201cWe thank the Commissioner for Insurance and the entire management of the commission for the excellent relationship and support received,\u201d he said.<\/p>\n<p>Musa noted that the association would continue to complement the efforts of NAICOM in their campaign on domestication of compulsory insurances in the states.<\/p>\n<p>Musa listed some of his achievements to include the completion of the Insurers House project, which commenced in May 2018, NIA\u2019s 50th anniversary and hosting of the Africa Insurers Organisation (AIO).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mr Ganiyu Musa, the outgoing Chairman of The Nigeria Insurers Association (NIA) said he was optimistic the Consolidated Insurance Bill 2020 would soon be signed into law. Musa said this at a media briefing on Wednesday in Lagos, to give account of his stewardship for the past two years. He assured that the bill would [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":40568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[11],"tags":[7342,7343],"class_list":["post-40548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro","tag-africa-insurers-organisation","tag-insurance-company"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>We\u2019re optimistic of passage of consolidated insurance bill \u2013 NIA &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/?p=40548\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019re optimistic of passage of consolidated insurance bill \u2013 NIA\" \/>\n<meta property=\"og:description\" content=\"Mr Ganiyu Musa, the outgoing Chairman of The Nigeria Insurers Association (NIA) said he was optimistic the Consolidated Insurance Bill 2020 would soon be signed into law. Musa said this at a media briefing on Wednesday in Lagos, to give account of his stewardship for the past two years. He assured that the bill would [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/broadnews\/?p=40548\" \/>\n<meta property=\"og:site_name\" content=\"BROAD NEWS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-25T05:16:31+00:00\" \/>\n<meta name=\"author\" content=\"Caleb Ijioma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Caleb Ijioma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/?p=40548#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/?p=40548\"},\"author\":{\"name\":\"Caleb Ijioma\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/#\\\/schema\\\/person\\\/4292f97d881ddced6dd70acdf5189fe8\"},\"headline\":\"We\u2019re optimistic of passage of consolidated insurance bill \u2013 NIA\",\"datePublished\":\"2022-08-25T05:16:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/?p=40548\"},\"wordCount\":650,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/?p=40548#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/wp-content\\\/uploads\\\/sites\\\/11\\\/20220825-061531.png\",\"keywords\":[\"Africa Insurers Organisation\",\"Insurance Company\"],\"articleSection\":[\"Metro\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/?p=40548#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/?p=40548\",\"url\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/?p=40548\",\"name\":\"We\u2019re optimistic of passage of consolidated insurance bill \u2013 NIA &#187; 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