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 Practitioners. 

 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 journals.  

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.