The National Insurance Commission has completed a draft for the growth of the insurance industry as part of its development plan.
The Commissioner for Insurance, Alhaji Mohammed Kari, said this plan had been presented to the Minister of Finance, Mrs. Kyemi Adeosun.
He said, “The commission has submitted a draft insurance industry development and strategic plan to the minister for further guidance.
“At this time, the industry has taken up the challenge to come up with a proposed road map for the industry. These efforts taken together will create a good opportunity for a fast-tracked growth and development.”
As part of the support enjoyed by the insurance industry, he said the minister had constituted a 10-member committee to review the draft insurance (consolidated) bill, a move that sought to review insurance laws in the country and make them to conform to the ideals of contemporary insurance practice.
According to him, it also aimed at ensuring an efficient and effective insurance industry in the country.
Kari disclosed that the committee had already concluded its assignment and that the document was receiving appropriate attention at the Office of the Attorney General of the Federation and Ministry of Justice.