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Senate Seeks Solution To Insurance Compliance Challenges

The Nigerian Senate has raised concerns over insurance administration and this time, the focus is on the implementation and compliance to the compulsory insurance scheme. … Continue reading Senate Seeks Solution To Insurance Compliance Challenges


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Senate-in-Nigeria-on-EconomyThe Nigerian Senate has raised concerns over insurance administration and this time, the focus is on the implementation and compliance to the compulsory insurance scheme.

Members of the Senate are also worried that while over 16 million vehicles ply the nation’s roads, only four million are insured.

To this end, the upper legislative chamber on Tuesday directed its Committee on Banking, Insurance and Other Financial Institution to interface with relevant agencies to find a lasting solution to the problem.

One of the lawmakers, Ahmed Ogembe, observed that the insurance industry had been flooded by unregistered insurance companies who make money from gullible Nigerians.

Mr Biodun Olujimi and Mr Yusuf Abubakar also raised concerns over compensation and enforcement which they described as unacceptable.

They are hopeful of an insurance sector whose funds could be used to improve infrastructure.

The resolution adopted won the support of the all the Senators.

The Senate Committee is expected to meet with officials of the National Insurance Commission on the matter and report back to the upper legislative chamber after four weeks.

Also at Tuesday’s plenary, a letter from President Muhammadu Buhari on his 10-day leave to the United Kingdom to attend to his health was read.

The President had travelled on Monday to London for an ear evaluation.