Insurance Bill 2020: NIA opts for risk-based capital thenationonlineng.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationonlineng.net Daily Mail and Mail on Sunday newspapers.
Ganiyu Musa. PHOTO: Innovation Village
The Nigerian Insurers Association (NIA) has recommended the introduction of risk-based capital to the Consolidated Insurance Bill, describing it as the right model for the insurance industry to align with the market to reposition for growth.
The Deputy Director, Corporate Communications, Human resources & Administration, NIA, Davis Iyasere, who spoke to The Guardian, noted that the recommendation was made during the association’s presentation at the two-day public hearing on the Consolidated Insurance Bill 2020 by the House of Representatives Committee on Insurance and Actuarial Matters in Abuja.
He said the Chairman of the Association, Ganiyu Musa, stated that in adopting the risk-based capital adequacy template, the Association took cognisance of the need to consider insurance, market, credit and operational risks as well as the need to apply such capital charges on assets and liabilities.
… Insurance to soon emerge as major driver of our economy- Rep Nwokocha
The House of Representatives Committee on Insurance and Actuarial Services on Monday vowed to properly exhaust and streamline the Third Party Act of 1945 to fit into modern-day reality in the proposed 2020 Act.
Speaking at a two-day Public Hearing ‘ organised by the House committee on Insurance and Actuarial Services, Chairman of the House Committee, Hon Darlington Nwokicha said:
“Having taken time to study the insurance Act 2003 and other pieces of insurance legislation in Nigeria, we can confirm that much of the provisions of the insurance laws are out of tune with modern realities.