Actuarial Society seeks NIA’s contribution to proposed bill

The Nigerian Actuarial Society has sought the contributions of the Nigerian Insurers Association to the draft of the Actuarial bill before presenting it to the National Assembly.

A copy of the proposed law was presented to the Director-General of the NIA, Mrs Bola Odukale, when the Executive Council of NAS paid a courtesy visit to the association, according to a statement issued on Thursday by the Head of Corporate Communications/Brand Management, NIA, Ajoke Adeyemi.

The low number of actuarial professionals in the country has come to the forefront in recent times following their mandated oversight of annuity business by the National Insurance Commission in new guidelines it issued.

The Nigerian Actuarial Society is the premier Nigerian actuarial professional body, established in 1986.

The NIA DG, Odukale, in her welcome remark, commended NAS for its long-standing partnership with the NIA, noting that the NIA recognises the significance and support of NAS in enhancing its operations.

Odukale said, “I thank you for your support in providing clarity over some expectations from our regulator. As actuaries, you have been quite handy.

“Your involvement within the Nigeria Mortality Development table has also helped to ensure progress in that regard. Hence, your partnership is invaluable to us.

“We are doing a whole lot together, and I solicit your continued support in that regard and other aspects too.

According to the Director-General, the issue of capacity building for actuaries and the dearth of actuaries within the insurance industry was topical, adding that both the insurance operators and regulators were looking into it holistically.

Odukale pledged that the NIA would continue to rally support for NAS towards the passing of the Act of the Actuarial Bill by leveraging the goodwill of top minds within the insurance industry.

“Actuary is a sought-after profession and a prestigious career with lots of prospects and value, so there is a need to do more to develop the interest of younger professionals.

“The NIA, among other support, will continue to encourage its member companies to support candidates for the Actuarial examination, which is usually expensive,” she said.

In his address, the President of NAS, Mr Jolaolu Fakoya, appreciated NIA for the massive support extended to the Actuaries and for housing the NAS Secretariat at the Insurers House at no cost.

Fakoya also lauded the NIA DG for recognising the role, importance, and contributions of actuaries, noting that as the insurance industry grows, actuaries must also grow and improve their visibility.

He noted that a courtesy visit was embarked upon to strengthen the partnership with the NIA and also present the drafted copy of the Actuarial Bill to the Association for comments, corrections and contributions as a major stakeholder before forwarding it to the National Assembly.

Fakoya hinted that NAS is also working on getting charter recognition as accorded to other similar professional bodies.

According to him, NAS would continue to support the NIA and the insurance industry at large as the need arises.

Similarly, NAS Managing Director, Ms Yeside Gbenro, also thanked NIA for its continuous support while calling for deeper collaborations to train more professional actuaries and develop the skills of actuaries, among other commitments.

Other NAS Council members present at the visit were Mr. Adebowale Adesona and Mr Ganiyu Shefiu.