Nigeria will have a new law to regulate its insurance industry before the end of 2016. The new insurance law is expected to replace the existing Insurance Act 2003.

Mr. Mohammed Kari, Commissioner for Insurance, National Insurance Commission [NAICOM] said in Abeokuta, Ogun State, that an industry committee is working on a new comprehensive insurance law for the country through the Office of the Minister of State, Finance. He said the new law is expected to be in operation before the end of 2016.

Kari said that NAICOM is refocusing the Market Development Restructuring Initiative [MDRI] policy to ensure that public assets are properly captured and valued for insurance purposes while working to develop and deploy more channels of distribution for deeper insurance penetration in the country.

In terms of accounts for the financial year ended 2015, he said 12 insurance firms have so far submitted their annual accounts, with seven duly approved and two recommended for adjustment.

The NAICOM chief commended the existing cordial relationship between the commission and the media and called for more support from members of the Fourth Estate of the Realm to ensure sustainable growth of the insurance sector in Nigeria.

“I appreciate the existing relationship between NAICOM and the media over the years, especially in creating public awareness of policy issues by NAICOM. I implore the media to talk and report more on insurance consumers. It will help NAICOM on ways to provide better services to insurance consumers in the country.”