Lawyers to partner insurance, pension operators on development

The Nigerian Bar Association, Section of Business Law (NBA/SBL), has said it is partnering with insurance and pension operators to boost their contributions to the nation’s economy.

The NBA\SBL committee on insurance and pensions said it would work closely with the operators during its 7th annual conference, where issues bothering on insurance and pensions would be given serious consideration.

The committee noted that the Conference is very important to insurance and pensions because this is the first time when there will be a breakout session on insurance in the NBA/SBL annual conference. The event is slated for June 17 to 19 at Eko Hotel, Victoria Island, Lagos.

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 will 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 Gbenga Oyebode, established the Insurance Committee of the section of Business Law in December 2012 and appointed Dominic Ichaba, former managing director, Cornerstone Insurance plc, 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 and 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 professionals alike can therefore benefit from the 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, which primary objectives is to advocate for and promote the delivery of qualitative service to the public by the practitioners of insurance and pension businesses in Nigeria.