The managing director of Infrastructure Bank Plc, Mr Adekunle Abdulrazag Oyinloye said in his speech that government should intervene in the reviewing and better implementation of Insurance Act 2003.
The National Insurance Commission (NIACOM) ACT 1997 are possible actions to ensure optimal operation of the insurance industry.
At the 2018 Insurance Brokers Conference and Exhibition recently held in Lagos themed “Insurance Industry: Survive, thrive” Mr Adekunle Oyinloye called on NIACOM to enforce compulsory insurances to boost the industry’s long-term funds.
Hinting on the enormous opportunities in the infrastructural industry, Oyinloye called out government on their role in ensuring the insurance industry’s long-term funds.
He further explained that with the long-term nature of life insurance, pension annuities and retirement savings, the industry is in a better position to participate in infrastructural financing of Private Public Partnership (PPP) projects.
He also said that the insurance sector is an efficient component of financial ecosystem.