By Sola Alabadan
The insurance operators are targeting automatic Brown card to cover Ecowas Risks, as far as the ECOWAS Brown Card Scheme is concerned.
The Chairman of Nigerian Insurers Association (NIA), Mr. Ganiyu Musa
who disclosed this while addressing journalists in Lagos on Wednesday, stated that the automatic Brown card is expected to kick off when the Consolidated Insurance Bill is passed into law.
He said that the body is optimistic that the Consolidated Insurance Bill 2020 will be signed into law before the tenure of the 9th National Assembly lapses.
He added that the Association has been closely monitoring developments on the Consolidated Insurance Bill and will continue to pursue same doggedly until it is finally passed into law.
“The Association has participated in all the processes thus far and will continue to monitor developments in respect of the bill as it receives legislative attention. It is expected that the new law will have a positive impact on the insurance space in Nigeria and align it with global best practice” he stated.
The NIA boss, however, acknowledged the cooperation received from the Speaker, Federal House of Representatives, Femi Gbajabiamila, Chairman and members of the House Committee on Insurance and Actuarial Matters, National Insurance Commission (NAICOM) and other stakeholders in the journey thus far.
With the President’s assent to the Finance Act 2021, he said the insurance industry now has a more acceptable definition of capital, unlike in the past when the definition of Capital in Insurance Act 2003 was defective and highly restrictive.
He stressed that “We are optimistic that this major milestone achievement has removed the major encumbrance on the recapitalisation exercise”.
Speaking on the implementation of the compulsory insurances, he affirmed that the association has been engaging with Road Traffic Officers of the Federation to drive integration of the third-party motor Insurance across the states, following their request for the implementation of the system in all 36 states including the FCT.
Musa assured that the Association will continue to partner relevant government agencies on the adoption of the Nigerian Insurance Industry Database (NIID).
esides, he said the NIA is also working with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law – Occupiers Liability and Builders Liability insurance.
Similarly, he added that “The Association is also working closely with the state vehicle Inspection service on enforcement of Third-Party Motor Insurance in the States” adding that Kaduna, Kogi, Rivers and Ogun States have already keyed into the project and more States are already discussing with the Association to finalise arrangements on how they can join.
As the aim of the association is to achieve national coverage, he submitted that “We remain hopeful that other states will see value in the platform and embrace it”.
