The Commissioner for Insurance, Alhaji Mohammed Kari, has said that the insurance bill will boost insurance business and regulation when passed into law.
He said this during a conference with the theme, “Legislation of insurance: Intrigues, interest, governance and the people,” in Lagos.
Kari said, “The proposed insurance bill when passed will ensure that policies are up to date and implemented in a timely fashion; maintain high standards in the authorisation, supervision and good conduct of insurance business; and maintain a cost-effective support system.”
The commissioner said that the theme of the conference was apt, which was the prevailing issue in the industry.
He noted that it was imperative in view of the challenges being faced in amending the insurance laws to conform to the ideals of contemporary insurance practice.
“It is pertinent to note that the insurance industry needs laws that conform to modern practice and laws that take into account the potential role or impact of insurance on policyholders, insurers, regulators and government,” he said.
The Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga said, the pension industry was facing a lot of challenges due to lack of understanding of pension operations.
She spoke on the topic, ‘Boosting customer service relations between insurance and pension operators’.
Rather than fight one another all in the interest of retaining market dominance, she said they should work together in building a strong pension industry for the country.
She said, “Joint presentations should be made to the legislature on the impact the CPS has on the pension practice in the country.
“The challenges the Pension Transitional Arrangement Directorate is facing and how a fraud-free, efficient and effective pension scheme will go a long way in building confidence in a country that is perceived as totally corrupt.”