Dr Teslim Sanusi, President,Â Nigerian Council of Registered Insurance Brokers (NCRIB), on Wednesday urged the National Assembly not to repeal the Workmenâ€™s Compensation Act. Sanusi told the News Agency of Nigeria (NAN) in Lagos that the move would further have a negative effect on industry. Sanusi said that s
He urged the stakeholders to kick against the move because industry had yet to recover from the effect of the Pension Reform Act, which took pensions out of its purview should another purview of insurance slipped out of industry, it would have an adverse effect on the premium income of the sector.
He said that brokers should not fold their arms and allow another injury to be inflicted on the industry, adding that the bill could lead to a collapse of the insurance industry. Sanusi noted that the Nigerian Social Insurance Trust Fund (NSITF) had sponsored a bill urging the National Assembly to transfer Group Life Policies of Public Officers to it.
The president said that the bill had gone through second reading in the House of Representatives.
â€œIt is noteworthy to draw your attention to the new move by NSITF to repeal one the compulsory insurance with all its benefits. The NSITF has sponsored a bill to transfer Group Life Policies of Public Officers to the Fund. The bill has gone through the second reading in the House f Representatives. Considering the negative implications of such action for the industry, we have taken steps to ensure that such a move is stopped in the interest of the public and the industry,â€ he said.
According to him, the insurance industry has yet to recover from the effect of the Pension Reform Act, which took pensions out of its purview. Sanusi said that the council had engaged the attention of stakeholders in the National Assembly and Ministry of Finance to protect the interest of the industry.
NAN reports that if the bill sails through, the group life policies of public officers will be transferred from insurance companies to NSITF