Effect of Obsolete Insurance laws on Nigerians

Adegboyega Adepegba & Co and the Nigerian Insurance Law Association have expressed their commitment to insurance law review.

According to a statement obtained from Adegboyega Adepegba & Co, stakeholders will deliberate on this issue at a three-day insurance seminar with the theme ‘Current developments in insurance laws in Nigeria’, that will take place this month in Abeokuta, Ogun State.

A founding father of NILA, Prof. Joe Irukwu, has said that there is a need to update insurance laws, which have become obsolete.

Irukwu stated this while expressing his delight to collaborate with the firm of Adegboyega Adepegba & Co on the seminar.

“It must be acknowledged that the laws regulating the insurance industry in Nigeria are no longer up-to-date and need to be reviewed and updated to reflect the current conditions,” he said.

He explained that there was an attempt to review the laws in the past when he was the chairman of the Law Reform Committee, which did a painstaking and thorough job but the industry was yet to see the expected outcome.

Irukwu said it was encouraging to note that the National Assembly was working on the subject and hopefully would soon produce the necessary legislation that would address the relevant issues.

He said that the Nigerian Insurance Law Association was established to cater for the legal needs of the industry and that the organisation offered advice to the industry on developments pertaining to insurance laws, regulatory and compliance issues.

Irukwu also said the association had carried out this function through publications, organisation of seminars and workshops on insurance law and allied subjects.

The Managing Partner, Adegboyega Adepega & Co, Adegboyega Adepega, said that the seminar would offer an opportunity to all the participants to gain a wide and detailed understanding of the unfolding issues in the Nigerian insurance industry.

“Particularly, focus should be on the innovative regulatory framework, strategy for financial inclusion and other measures being put in place by the National Insurance Commission,” he said.


Source: Punch