FG Inaugurates Committee to Review Insurance Laws

The Committee set up by the Federal Government to review the Insurance (Consolidated) Bill was inaugurated by the Hon. Minister of Finance, Mrs. Kemi Adeosun, on 4th February 2016 in the Ministry’s conference room in Abuja. The Committee is to review all the insurance laws in Nigeria to align them with international best practice and to examine current market problems and recommend appropriate regulatory powers to allow the insurance sector thrive. The Committee has 90 days within which to submit its report. The review is expected to form the basis for a draft bill to be forwarded to the National Assembly for enactment into a new insurance law.

The Committee is chaired by Dr. Omogbai Omo-Eboh with membership drawn from the various insurance industry stakeholders. The members are Mr. Wole Oshin (representing the Nigeria Insurers Association), Mr. Kayode Okunoren (representing the Nigerian Council of Registered Insurance Brokers), Mr. Ralph Opara (representing the Institute of Loss Adjusters of Nigeria), Lady Isioma Chukwuma (representing the Chartered Insurance Institute of Nigeria) and Mr. Kamar Raji, a lawyer. There is also a representative each of the Federal Ministry of Finance, the Federal Ministry of Justice, the Nigerian Institute of Legislative Studies and the National Insurance Commission as members. Dr. Talmiz Usman, the Legal Adviser of NAICOM, is the Secretary to the Committee.

The Chairman of the Committee, Dr. Omogbai Omo-Eboh, is a renowned expert in insurance law and a Partner at Consolex Legal Practitioners. He had his secondary education at King’s College Lagos. He obtained his first degree from the University of Lagos and was called to the Nigerian Bar in 1985. He, thereafter, proceeded to the London School of Economics where he obtained a Master of Laws (LL.M.) degree in 1986 with Distinction and a Doctorate degree (Ph.D.) in law in 1990. He has written extensively on current legal issues and regulation of insurance in local and international journals. He is a regular speaker and facilitator at the Maritime Law Seminar for Judges organized by the Nigerian Shippers’ Council in collaboration with the National Judicial Institute and in training seminars organized by the Nigerian Maritime Administration and Safety Agency (NIMASA) for judges. He is the author of the books: “The Law of Insurance Contracts in Nigeria” and “Casebook on Insurance Law in Nigeria”, and a member of the Lagos State Law Reform Commission.

In his response, the Chairman thanked the Minister for the confidence reposed in the members of the Committee. He pledged to do a thorough job that will lay a solid foundation for the growth of the insurance industry mindful of the government’s ongoing efforts to diversify the economy in which the insurance industry is expected to play a leading role.