A comprehensive legal framework for the country’s insurance industry is underway, as the Senate on Thursday moved to repeal existing laws on insurance operations.
A bill on the proposal, which was sponsored by Sen. Adetokumbo Abiru (APC, Lagos-East), passed a second reading.
The bill reads, “A Bill for an Act to Repeal the Insurance Act, Cap. I17, LFN, 2004; the Marine Insurance Act, Cap. M3 Laws of the Federation of Nigeria, 2004; the Motor Vehicles (Third Party Insurance) Act, Cap. M22, Laws of the Federation of Nigeria, 2004; the National Insurance Corporation of Nigeria Act, Cap. N54, Laws of the Federation of Nigeria, 2004; the Nigeria Reinsurance Corporation Act, Cap. N131, Laws of the Federation of Nigeria, 2004; to Provide for a Comprehensive Legal and Regulatory Framework for Insurance Business in Nigeria; and for Related Matters, 2024.”
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