He said the council supported the reform bill but wants the inclusion of a provision that would compel all officially approved houses in Nigeria to be insured.

“This is very necessary and requires the empowerment of building approving authorities and the National Insurance Commission, with relevant laws. For NAICOM, require legislation by way of provision in the reform bill, should be provided for it, to seal off buildings or houses that are not insured,” he said.

Earlier, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, and major stakeholders in the Insurance sector on Friday, supported the move by the Senate to reform the Sector as contained in a draft bill to that effect.

Supports of the Attorney General and Insurance stakeholders were expressed during public hearings organised on it by the Senate Committee on Banking, Insurance, and Other Financial Institutions.

In his support for the bill sponsored by Senator Adetokunbo Abiru (APC Lagos East), the Attorney General, represented by one of his aides, Mr Oloyede Hussein, said the proposed reform will help to curb capital flight that has been the order of the day in Insurance sector in Nigeria.

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