Guardian

THE Nigerian Bar Association, Section of Business Law, has announced it decision to partner with insurance and pension operators on how they can jointly boost their contributions to the nation’s economy.

In a statement from the NBA\SBL committee on insurance and pensions, the group said it would work closely with the operators during its seventh yearly conference, which will hold in Eko Hotel, Victoria Island, Lagos from 17th to 19th June, 2013.

The committee noted that the conference is very important to insurance and pensions, because this is the first time there will be a breakout session on insurance in the NBA/SBL annual conference.

The lawyers added that during the breakout session the regulatory authorities of both insurance and pension industries; the National Insurance Commission and the National Pension Commission, together with other legal and pension and insurance experts would share perspectives on the role of insurance and pensions in an emerging economy.

While stressing the role of insurance and pension to the development of the Nigerian economy, the committee stressed the need for more partnership between the lawyers and the operators for the benefits of all stakeholders.

The Council of Nigerian Bar Association’ Section of Business Law under the Chairmanship of Mr. Gbenga Oyebode, established the Insurance Committee of the section of Business Law in December 2012.

The council appointed a former Managing Director, Cornerstone Insurance Plc, Mr. Dominic Ichaba as the committee’s chairman.

Ichaba, who has vast experience in insurance and pensions is currently a partner with PAC Solicitors.

The insurance and pensions industries have a close connection worldwide.

Prior to the Pensions Reform Act 2004, issues relating to pensions in Nigeria were derived and managed from insurance point of view and they are still closely linked.

Insurance and pension related matters are present in every facet of Nigeria’s commercial, industrial and private lives.

Lawyers and other practitioners in many different fields encounter insurance and pension issues.

Lawyers and other professionals alike can, therefore, benefit from this Committee either through direct membership of the Committee (open only to lawyers) and/or vide the committee’s enlightenment and advocacy programmes as the time goes on.

The specific objectives of this Committee are quite similar to the overall objectives of the SBL.

The primary objectives of the committee are to advocate for and promote the delivery of qualitative service to the public by the practitioners of insurance and pension businesses in Nigeria.

It aims to promote and provide Continuing Legal Education (CLE) to members of the Committee and other interested stakeholders toward deepening the knowledge base of insurance and pension businesses in Nigeria.

It also aims to collaborate and partner with relevant stakeholders (NAICOM, PENCOM, NHIS, NIA, CIIN, NCRIB, PENOP, Insurance companies, PFAs, PFCs) and assist and organise enlightenment programmes for the Committee’s members, legislative bodies and parastatals towards ensuring effective legal and regulatory framework, best practice in service delivery and greater penetration of insurance and pension businesses in Nigeria.