Insurance Act amendment Bill scales through second reading in NASS

Insurance Act amendment Bill scaled second reading in the Senate on Wednesday’
The bill is being sponsored by Senator Ibikunle Amosun representing Ogun Central Senatorial district,
The Insurance Bill seeks to set a minimum limit of compensation in event of loss suffered by the insured.
Speaking during debate, Amosun said that  th there have been cases which the victims were left without compensation,
He noted that the purpose of the mendment was meant to compel insurance companies in Nigeria to have minimal standard of compensation to victims.
“The general principles of a Bill for an Act to amend the Insurance Act, 2003, is to set a minimum limit of compensation in the event of death, injury or loss of property of third parties, with respect to insurance of public buildings and buildings under construction and for related matters, 2021,” he said.
Amosun lamented on  on incessant collapse of buildings in Nigeria, noting that the amendment would ensure compensation.
“The need for the amendment of this Bill was necessitated by the prevalence of collapsed buildings in many Nigerian cities which has led to unquantifiable loss of lives and property, as well as permanent disability.
“There has been an increase in the cases of collapsed buildings in the country, most especially in the last 10 years.
“These cases and several others too numerous to mention are considered as some of the worst incidences of collapsed buildings in Nigeria, in recent times. The need to checkmate these rising cases prompted the urgent need to amend the insurance Act,” he added.
Adding his voice to the Bill during debateSenator Bala Ibn’Nallah faulted some provisions in the proposed amendment, saying they were not in sync with existing laws.

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