Nigerian Insurance Reform Bill, 2024

Legislative Journey

First Reading

14 Mar 2024
Second Reading

18 Jul 2024
Committee Report

17 Dec 2024

Banking, Insurance and Other Financial Institutions
Third Reading

17 Dec 2024
Current Status

Assented

Summary & Analysis

This bill seeks to make a comprehensive legal framework for the regulation and supervision of all manner of insurance businesses in Nigeria.

It also seeks to repeal the:
(a) Insurance Act, Cap. 117, Laws of the Federation of Nigeria, 2004;
(b) Marine Insurance Act, Cap. M2, Laws of the Federation of Nigeria, 2004;
(c) Motor Vehicles (Third Party Insurance) Act, Cap. M22, Laws of the Federation of Nigeria, 2004;
(d) National Insurance Corporation of Nigeria Act, Cap. N54, Laws of the
Federation of Nigeria, 2004; and
(e) Nigeria Reinsurance Corporation Act, Cap. N131, Laws of the Federation of Nigeria, 2004.
(f) Section 4 (5); Section 8 (1) and Section 9 of the Pension Reform Act, 2014

Documents & Actions

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