The Nigerian Insurance Law Association has observed that laws regulating the insurance industry in Nigeria are no longer up to date and needed to be reviewed and updated to reflect current situation in the industry.
The association has therefore called on the National Assembly to expedite the review of the existing insurance legislation, which is currently before.
One of the founding fathers of the group, Professor Joe Irukwu, who stated this in his goodwill message at the 2018 Insurance Lawyers Seminar held in Abeokuta, Ogun State, said an attempt was made in the past to review insurance laws in Nigeria by setting up a law reform committee for the industry chaired by him.
He said though the committee did a painstaking and thorough job, the group is yet to see the expected outcome of the review exercise.
He however expressed the hope that the national Assembly will put in place a standard legislation that will lead the insurance industry in Nigeria to greatness.
“It is encouraging to note that the National Assembly is working on the subject at present and hopefully will soon produce the necessary legislation that will address the relevant issuesâ€, he said.
He told the seminar participants that insurance law as a discipline has been his a major interest for more than 50 years, and that in those 50 years, he has encouraged young ones through lectures, seminars and his books, to embrace the insurance law discipline as a means of achieving their career progress and success in life, thereby building a formidable human capital for the insurance industry not only in Nigeria but in Africa.
He noted that the Nigerian Insurance Law Association was established to cater for the legal needs of the Industry, further adding that the organisation offers advice to the industry on developments pertaining to insurance laws, regulatory and compliance issues.