The federal government is advancing a bill that would criminalise insurance evasion.
Titled Consolidated Insurance Bill (CIB), the executive bill when passed into law would allow the government to prosecute evaders of insurance policies.
“Since the bill is an executive bill, it will go from the finance ministry to the Attorney-General of the Federation, to the Federal Executive Council (FEC) and then to the National Assembly. Currently, it has been submitted to the Attorney General of the Federation for legal review after which it will now go to FEC,” the commissioner for insurance, Alhaji Mohammed Kari said of the bill.
The proposed bill that seeks to increase the supervisory power of the National Insurance Commission(NAICOM) prescribes stiffer penalties for those who trade in fake insurance documents.