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Nigeria to develop new Insurance Law from review of existing laws

Dr. Omogbai Omo-Eboh

A new Insurance Law is expected
to evolve from a proposed review of the existing laws, which would form the
basis for a draft bill to be forwarded to the National Assembly for enactment.

 A Committee inaugurated by the
Minister of Finance, Mrs Kemi Adeosun, is expected to review the Insurance (Consolidated)
Bill and submit its report within 90 days from Feb.4.

In a statement, Chairman of the
Committee, Dr Omogbai Omo-Eboh, disclosed that “The Committee is to review
all the insurance laws in Nigeria to align them with international best
practice and to examine current market problems and recommend appropriate
regulatory powers to allow the insurance sector thrive.”
The committee members are Mr
Wole Oshin (representing the Nigeria Insurers Association), Mr Kayode Okunoren
(representing the Nigerian Council of Registered Insurance Brokers).
Others include Mr Ralph Opara
(representing the Institute of Loss Adjusters of Nigeria), Lady Isioma Chukwuma
(representing the Chartered Insurance Institute of Nigeria) and Mr Kamar Raji,
a Lawyer.  
There is also a representative
each of the Federal Ministry of Finance, the Federal Ministry of Justice, the
Nigerian Institute of Legislative Studies and the National Insurance Commission
as members.  
Dr. Talmiz Usman, the Legal Adviser
of NAICOM, is the Secretary to the Committee.
OnepageAfrica reports that Dr.
Omogbai Omo-Eboh, is an expert in insurance law and a Partner at Consolex Legal
 He was educated at King’s
College Lagos; he obtained a first degree from the University of Lagos and was
called to the Nigerian Bar in 1985.  
Omo-Eboh attended the London
School of Economics where he obtained a Master of Laws (LL.M.) degree in 1986
with Distinction and a Doctorate degree (Ph.D.) in law in 1990. 
He has written extensively on
current legal issues and regulation of insurance in local and international
He is a speaker and
facilitator at the Maritime Law Seminar for Judges organized by the Nigerian
Shippers’ Council in collaboration with the National Judicial Institute and in
training seminars organized by the Nigerian Maritime Administration and Safety
Agency (NIMASA) for judges. 
He is the author of the books:
“The Law of Insurance Contracts in Nigeria” and “Casebook on Insurance Law in
Nigeria”, and a member of the Lagos State Law Reform Commission.
Omo-Eboh pledged to do a
thorough job to lay a solid foundation for the growth of the insurance
industry, mindful of the government’s ongoing efforts to diversify the economy
in which the insurance industry is expected to play a leading role.

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