Recognize insurance press as strategic partners – Former NIA boss

The immediate past Chairman of the Nigeria Insurance Association (NIA), Mr. Ganiyu Musa has appealed to the members of Nigeria Insurance Association to recognize the insurance press as strategic partners in the business of insurance, whose invaluable contributions have helped to promote the business and culture of insurance.
Mr. Musa made the plea while making his valedictory speech before members of the press in Lagos, after his successful completion of his two-year tenure, and expressed his deep appreciation to members of the insurance press in Lagos yesterday, as he bowed out after completion of his two-year tenure on the saddle as NIA helmsman. ‘’I want to thank you and all the stakeholders for your invaluable support during my tenure. I want to appeal to you that you extend a greater level of support to the in-coming Chairman, so that the Association will continue to remain a strong pillar of support to all members.
At the press briefing, he gave a low-down on some the outstanding achievements made while at the helms of affairs in the insurance Association, amongst which includes the recent president Buhari’s assent to the Finance Act 2021, which now has an acceptable definition of capital in insurance. Before now, the definition of capital in insurance Act 2003 was defective and highly restrictive, according to the former NIA boss.
Musa however expressed the optimism that this major mile-stone achievement would remove the major encumbrance on the recapitalization exercise.
The former Chairman also disclosed that the Association was monitoring developments on the Consolidated Insurance Bill 2020, and would continue to pursue same doggedly until it is passed into law. ‘’The Association has participated in all the processes so far and will continue to monitor developments in respect of the bill as it continues to receive legislative attention. It is expected that the new law will have a positive impact insurance in Nigeria and align it with global best practice”
The outgoing Chairman went further to acknowledge cooperation received by the Association from the Speaker, Federal House of Representatives, Rt. Hon. Femi Gbajabiamila, Chairman and Members, of the House Committee on Insurance and Actuarial Matters, NAICOM and other stakeholders in the in the matter.

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