By Ngozi Onyeakusi—The National Insurance Commission(NAICOM),
has expressed optimism in the passage of the re-introduced 2020 Consolidated Insurance Bill by the 10th National Assembly.
Thomas gave the hope at the 2023 seminar Insurance correspondents in Uyo, the Akwa Ibom State Capital.

According to him, the consolidated insurance bill unfortunately was not assented to by former President Muhammadu Buhari before he left because it got to him late.

“Of course there are procedures and processes for such. Though, we are not going to start again from the beginning, but the National Assembly is now looking at it.

“The bill has now gone through the first reading and we are following up to see that it is concluded as soon as possible.

“The industry had a very high hope that the last administration was going to conclude on the bill, but that didn’t happen.

“We have not given up on our hope, knowing that the bill is a game changer because of a lot that is in it and its importance to the sector,” he said.

He noted that industry operators are waiting for the assent of the bill, but preparing to hit the groud running once it is signed into an act.

Meanwhile, CFI assured that insurance industry is working with the Federal Government to draw up guidelines for protection of government assets across the country.
He said since the new government came to power, he had met with the Secretary to the Government of the Federation, Sen. George Akume, to work out the guideline to insure government assets.

“We are taking it very seriously and President Bola Tinubu as well as a former governor of Lagos State, established insurance culture in the state.

“Until today, all the regime that succeeded him as governors in Lagos State have followed the template he laid in insurance,” he said.

The commissioner said that President Tinubu was interested in the insurance industry and ready to replicate what he did in Lagos State at the federal level.