NIA reacts as Reps probe insurance firms over financial infractions
The Nigerian Insurers Association (NIA), representing licensed insurance and reinsurance companies in Nigeria, has reacted to a notice by the House of Representatives Committee on Capital Market and Institutions concerning ongoing investigations into certain member companies over alleged financial infractions. In a statement, Bola Odukale, Director-General / CEO of Nigerian Insurers Association (NIA), said the […]
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The Nigerian Insurers Association (NIA), representing licensed insurance and reinsurance companies in Nigeria, has reacted to a notice by the House of Representatives Committee on Capital Market and Institutions concerning ongoing investigations into certain member companies over alleged financial infractions.
In a statement, Bola Odukale, Director-General / CEO of Nigerian Insurers Association (NIA), said the matters raised by the Committee centre on financial reporting, claims settlement, premium remittance, and issuance of policies.
“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law,” Odukale said.
“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission (NAICOM), Securities and Exchange Commission (SEC), Nigerian Exchange (NGX), Financial Reporting Council (FRC), Nigeria Data Protection Commission (NDPC), and the National Information Technology Development Agency (NITDA). This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.
“There are ample records of our members’ cooperation with House of Representatives committees in prior investigations. We wish to seize this opportunity to thank the leadership of the National Assembly for their continued support of the insurance industry, especially in the review of obsolete laws governing insurance practice in Nigeria and the recent passage of the Nigerian Insurance Bill. With this reform, the insurance industry is well-positioned to contribute meaningfully to President Bola Ahmed Tinubu’s Renewed Hope Agenda and the One Trillion Dollar economy vision by 2030.
“The Association remains committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.
“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity.”