The repeal of Section 16 of the Companies Income Tax Act (CITA) 2007 with the amendment of the Finance Act, 2019 is part the Federal Government’s efforts to grow the economy and deepen the insurance industry.
Also, the review of the minimum capital requirements to enable insurance and re-insurance companies acquire enough capital for their business as contained in the Finance Act, 2021 was aimed at strengthening insurance practice and help increase its contribution to the economy, Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.
The Minister who spoke at the inauguration of the part Chairman and members of the Governing Board of the National Insurance Commission (NAICOM) in Abuja said a further attempt to strengthen insurance practice in the country is the ongoing legislative action to consolidate insurance Bill to replace the 2003 Insurance Act.
Ahmed said the decision by the government to reconstitute the Board of NAICOM was to make the wealth of experience of its members to bear on the activities of the Commission and the Insurance Industry at large to grow the economy.
NAICOM is the regulatory authority of the insurance industry and business in Nigeria in line with the Insurance Act of 2003.
The responsibility of NAICOM Board, the Minister said, was to ensure good corporate governance was entrenched in the Commission, support management in creating an enabling environment for both the staff and other stakeholders and ensure harmony within the Board.
The Minister urged the Board and management of NAICOM to evolve policies and create new insurance products as well as build the desired trust and confidence in the minds of Nigerians with a view to enhancing insurance penetration.
She commended the immediate past Chairman of the Governing Board of NAICOM, Emmanuel Nwosu and other members for their contributions to the growth and successes recorded by the Commission during their tenure.
The Board working in harmony with the Commissioner for Insurance and other Management Staff, she noted, restored the industrial harmony that had eluded the Commission in the past.
During the tenure of the former Board, the Minister said it created the Portal serving as the data bank for the Commission’s operations.
She urged members of the reconstituted Governing Board and its Chairman to familiarize themselves with the functions, procedures, rules and regulations in the industry to enable them function effectively and efficiently.
On the task ahead of them, the Minister drew their attention to the President’s interest in re-positioning the Insurance Industry by making it attractive to investors and the insuring public.
She said there were some key policies by the government aimed at promoting the growth of the insurance industry and deepening insurance practice in the country.
The Chairman and three part-time members of the Governing Board of the Commission included Abubakar Sani as Chairman, and
Robert Ohuoba, ljeoma Chinenye Ekeocha and Muazu Barau as members.