Transparency and Integrity


NDIC: Lawmakers Begin Amendment Of Outdated Insurance Laws


House Of Representatives Committee On Insurance Matters Begin Review Of Outdated Insurance Laws.

.... NDIC To Remove Outdated Clauses. 

Darlington Nwokocha the Chairman House of Representatives Committee On Insurance And Actuarial Matters had revealed that the Committee is currently reviewing all insurance laws that's have been outdated.

According to Nwokocha at the ceremony of the 2021 NDIC which was a retreat for members of the House, of Representatives Committee On Insurance and Actuarial Matters, held in Lagos on Thursday, 'the insurance industry will be made to support the Nigerian Economy'.

" Considering the fact that from the legislative side, we are working hard  to look into your Act to see those clauses that are outdated.

" We are looking to ensure that necessary amendments are being made to give you all the strength you need to drive the process."

Noting and commending he professionalism of the committee Nwokocha said,

" The Committee is well experienced to use AL it's instrumentality to drive the process of giving the NDIC all its legal backing."

Mr Bello Hassan the Managing Director, and Chief Executive officer of NDIC while speaking said, the cooperation would continue to engage and cooperate with the  National Assembly via the committee and will not fail to address key issues  that will help the NDIC achieve smooth operation of the deposit insurance system in Nigeria which will also help in stability of Nigeria's banking system.

"“It is our strong believe that, the deposit insurance system, administered by the NDIC, which remains an important component of the financial safety-net arrangements, has an important role to play in the ongoing economic recovery agenda.

“This snowballs from the fact that, among others, deposit insurance system safeguards depositors’ funds in case of bank failure, thereby promoting public confidence and contributing to financial system stability.”

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