The Nigerian Insurance Industry under the umbrella body of the Nigerian Insurers Association (NIA) has approached the court for legal interpretation on the legislative right of the House Committee on Capital Market and Institutions concerning ongoing investigation over member companies over alleged financial infractions.
The NIA notes in a statement that the matters raised by the Committee centre on financial reporting, claims settlement, premium remittance, and issuance of policies.
Bola Odukale, director general, NIA, said, ‘The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.”
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According to her, the objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.
The statement reads, ‘The Nigerian Insurers Association (NIA), representing licensed insurance and reinsurance companies in Nigeria, has taken due notice of the recent press statement issued by the House of Representatives Committee on Capital Market and Institutions concerning ongoing investigations into certain member companies over alleged financial infractions.
“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission (NAICOM), Securities and Exchange Commission (SEC), Nigerian Exchange (NGX), Financial Reporting Council (FRC), Nigeria Data Protection Commission (NDPC), and the National Information Technology Development Agency (NITDA).”
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“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”
Odukale said the Association remains committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.
“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity, Odukale said.
