AS the laws and rules governing the practice of insurance in the country undergo review, the new laws which will emanate at the end of the review will give birth to a new insurance industry.
Professor Joe Irukwu, who made this assertion emphasised that the review would at the end of the day enhance ethical business practice in the industry and enthrone a regime of market discipline.
Irukwu therefore tasked Nigerians to take more than a passing interest in insurance in order to grow and develop the sector quickly.
Irukwu who is the chairman of the committee put in place by the federal government to review existing laws and regulations governing insurance business in the country argued that it is the only sector that ensures the survival of other businesses in the economy.
In the words of Irukwu “When we say that insurance is the only business that exists in order to ensure that the survival of all other business or that no modern economy can survive without a disciplined and viable insurance industry, what we mean is that we are all stakeholders and interested parties in the success of our insurance industry and we ignore these basic facts at our eternal peril.”
 “The review exercise is also expected to promote ethical business practices, greater market discipline and sound corporate governance principles in the conduct of all aspects of the business of insurance in Nigeria.”
In addition, it is expected to sensitise the public who are the primary consumers of insurance products and services on the purposes and objectives of the review exercise and give other stakeholders an opportunity to contribute to the process in a direct and meaningful manner.