The Senate Committee on Banking, Insurance and other financial institutions, on Thursday and Friday 25th and 26th July, 2024, conducted public hearings on four bills; the Nigerian Deposit Insurance Act Amendment Bill, The Dishonoured Cheques Act (Repeal and Re-enactment Bill), the Electronic Transaction Bill and the Nigerian Insurance Industry Reform Bill.
The NDIC amendment bill seeks to make the corporation more effective, safeguard its independence and autonomy, in line with section 1 (3) of the Principal Act.
The bill also seeks to restore the President’s power to appoint the Managing Director and Executive Directors, geo-political representation on the board of the corporation, as well as providing for the constitution of an interim management committee within 30 days, after the expiration or termination of the tenure of board.
The Electronic Transactions bill which was also considered seeks to provide a legal and regulatory framework for conducting transactions using electronic or related media while the Dishonoured Cheques, Offences, repeal and reenactment Bill, 2023, seeks to align the 1977 Act in tandem with current realities.
On the other hand the Nigerian Insurance Industry Reform Bill, 2024 seeks to repeal the Insurance Act, the Marine Insurance Act, the Motor Vehicles (Third Party Insurance) Act, the National Insurance Corporation of Nigeria Act, the Nigeria Reinsurance Corporation Act, to consolidate all the above pieces of insurance legislation into one enactment, and to make Comprehensive Legal and Regulatory Framework for Insurance Business in Nigeria.
The public hearings which were declared open by the Senate President, Senator Godswill Akpabio, represented by the Senate Chief Whip, Senator Tahir Monguno, had in attendance the management team of NDIC, Central Bank of Nigeria, CBN, Securities and Exchange Commission, SEC, National Insurance Commission, representatives of the Attorney General and Minister of Justice and other stakeholders in the financial services sector.
All the Stakeholders who made presentations, commended the Committee, and all declared support for the bills, and urged the committee to consider divergent views while considering the bills.
Earlier, the Chairman of the Committee, Senator Mukhail Adetokunbo Abiru, FCA (Lagos East), in his opening remarks, while welcoming the invited stakeholders, assured that the Committee will conduct a thorough and transparent review process, considering all viewpoints and weighing the potential impacts of the proposed bills on stakeholders, the economy, and the overall well-being of our citizens.
