NICOM, NDIC Push For Speedy Passage Of Insurance Reform Bill

The National Insurance Commission (NICOM) and the Nigeria Deposit Insurance Corporation (NDIC) has called for the speedy passage of the Insurance Reform Bill 2024 presently before the National Assembly.
Managing director of NDIC, Bello Hassan and NICOM’s commissioner for insurance, Olusegun Ayi, made the call when they appeared separately before the
House of Representatives Committee on Insurance and Actuarial Matters for the 2025 budget defence.
Hassan said NDIC planned to generate a gross income of N433.9 billion, before target funding of N73.9 billion.
He said, “When you less target funding of N73.9 billion, we expect to realise a total income of N360.1 billion in the year 2025. 50 per cent of this income is supposed to go to the Consolidated Revenue Fund in line with the Fiscal Responsibility Act.”
For his part, Ayi said NICOM’s has a budget estimate of N29.931 billion for the 2025 fiscal year which is broken down into two major sources of revenue, “the first being the Insurance Levy.”
“The Insurance Levy is projected to be N17.6 billion, while fees and penalties is projected to be N12.3 billion, giving a total of N29.9 billion. But out of this, 50 per cent will be going to the consolidated revenue fund by way of auto deduction.
“The balance is a N14.96 billion, which will be the available total IGR for the commission to operate. I will not make too much comment in this regard, but I will jump to the expenditure side.
“We need the powers of the law. Currently, the regulator is designed as a regulator, but giving only a voice in terms of biting that are limited powers that have been granted in the existing laws. And to this extent, you have been an integral part of the process that has put up the …new insurance bill, which is the 2024 Insurance reform bill currently before the House of Representatives.
“With your kind permission, I would like to also say that we are trusting in the ability of this committee to effectively deliver and make us that focal attention for our national economy, in terms of being able to effectively contribute to the growth and development of the Nigerian economy, insurance is set.”