Nigeria Insurance industry reform bill passes second reading in Senate

The Nigeria Insurance Industry Reform Bill has scaled second reading in the Senate .

The bill seeks to provide a comprehensive framework for the regulation and supervision of all kinds of insurance in Nigeria .

Leading the debate on the general principles of the bill , Senator Abiru, strongly believes the bill will strengthen efforts to deepen the penetration of insurance services in Nigeria .

The lawmaker says Nigeria’s Penetration rate currently stands at 0.5% and ranks 70th globally and the 5th in Africa .

Other lawmakers contributing to the debate believe the bill will revolutionize the insurance sector in Nigeria and contribute positively to the principles of the Financial system strategy in Nigeria .

The bill will consolidate various existing pieces of legislation regulating the conduct of insurance businesses in Nigeria such as the, Insurance Act , 2003 , Marine Insurance Act.