NIA parleys States on Third Party Motor Insurance
* Kaduna, Kogi, Rivers, Ogun already in
By Favour Nnabugwu
The Nigeria Insurers Association NIA is working closely with states on enforcement of Third Party Motor Insurance as Kogi, Rivers, Kaduna and Ogun have already keyed in
The outgoing Chairman of the NIA, Ganiyu Musa while giving account of his stewardship for the past two years
Musa noted that the NIA is engaging with Road Traffic Officers of the Federation to drive integration of the third-party motor Insurance across the states following their request for the implementation of the system in all 36 states including the Federal Capital Territory (FCT).
Musa said 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
The NIA chairman is optimistic that more states are already discussing with the association to finalise arrangements on how they can join.
The NIA chairman said the association is also working with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law Occupiers Liability and Builders Liability insurance.
Miss said the bill will passed into law before the end of the tenure of the ninth National Assembly
He told journalists that the much awaited Consolidated Insurance Bill 2020 will soon be signed into law
Musa said the association is alsoclosely monitoring developments on the insurance bill and would continue to pursue same doggedly until the bill is passed into law
He said the association participated in all the processes thus far and would continue to monitor developments in respect of the bill.
“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.
The NIA chairman lauded President Muhammadu Buhari’s assent to the Finance Act 2021 which has now given a more acceptable definition of capital
Musa who doubles as Managing Director Cornerstone Insurance Plc 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 has began 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 will 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 has 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 will continue to maintain a very cordial relationship with the National Insurance Commission NAICOM in the overall interest of the market.
This is to ensure that matters of common interest are discussed and agreed to avoid friction We thank the Commissioner for Insurance and the entire management of the commission for the excellent relationship and support received
Musa further stated that the association will continue to complement the efforts of National Insurance Commission, NAICOM in their campaign on domestication of compulsory insurances in the states
Musa listed some of his achievements to include the completion of the Insurers House project which commenced in May 2018 NIA s 50th anniversary and hosting of the Africa Insurers Organisation AIO.