By Ngozi Onyeakusi— Following buying  into the  Third-Party Motor Insurance by Kaduna, Kogi, Rivers and Ogun States Governments, the  Nigeria Insures Association (NIA) said it is working with other states to ensure they take advantage of the project.

L-R: NIA Chairman, Ganiyu Musa and Director General of the association, Yetunde Ilori

The outgoing  Chairman of the NIA, Ganiyu Musa while giving account of his stewardship for the two years in office said the association was Working towards achieving national coverage in implementation of Third-Party Motor Insurance.
“The Association is working closely with the state vehicle Inspection service on enforcement of Third-Party Motor Insurance in the States. Kaduna, Kogi, Rivers  and Ogun States have already keyed into the project and more States are already discussing with the Association to finalize arrangements on how they can join. Our aim is to achieve national coverage.
We remain hopeful that other states will see value in the platform and embrace it”, he assured.
He equally noted that NIA was collaborating with the Road Traffic Officers of the Federation and states  Vehicle Inspection Service (VIS) to drive home the project.
Musa who doubles as the Managing Director, Cornerstone Insurance  Plc. also said the association was  working with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law – Occupiers Liability and Builders Liability.
Speaking further, Musa assured that the much awaited Consolidated Insurance Bill 2020 would soon be signed into law
According to him, the association was closely monitoring developments on the insurance bill and would continue to pursue same doggedly until the nill is passed into law.

 “It is expected that the new law will have a positive impact on the insurance space in Nigeria and align it with global best practice”

“We 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 Also National Insurance Commission NAICOM and other stakeholders in the journey thus far.

Musa commended President Muhammadu Buhari’s assent to the Finance Act 2021 which has now given a more acceptable definition of capital.
He  noted that prior to this time the definition of capital in Insurance Act 2003 was defective and highly restrictive.

“We 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 We are optimistic that this major milestone achievement has removed the major encumbrance on the recapitalisation exercise.

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.

He pledged that the association would continue to partner relevant government agencies on the adoption of the Nigeria Insurance Industry Database NIID Insurance Industry Portal NIIP.

Our aim is to achieve national coverage We remain hopeful that other states will appreciate the value of the platform and embrace it

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”

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 s Office on provision of appropriate data and payment of premium on insurance of government assets

He stated that the association had continued to maintain a very cordial relationship with the National Insurance