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By Henry Uche [email protected] Insurance experts are optimistic about the future of Nigeria’s insurance sector following the Senate’s passage of the 2024 Nigerian Insurance Industry Reform Bill. The legislation, described as a game-changer, consolidates various outdated insurance laws, aims to overhaul the regulatory landscape, enhance the industry’s competitiveness and foster growth. By addressing long-standing issues such as insufficient penalties for defaulting insurers and introducing a risk-based supervision model, the bill, experts note, is poised to create a more dynamic and modern framework for insurance businesses in Nigeria. Stakeholders believe that the reform will unlock new opportunities, drive innovation and ensure the sector’s contribution to the nation’s economic growth. The path to the passage of the bill follows the adoption of the report by the Committee on Banking, Insurance and other Financial Institutions, which was presented by the committee’s chairman, Sen. Abiru Adetokunbo (APC-Lagos), at plenary last week. In the report, Adetokunbo explained that the bill, which was read a second time on July 18, seeks to consolidate various existing laws regulating insurance businesses in Nigeria. He listed the relevant laws to include the Insurance Act 2003, the Marine Insurance Act, the Motor Vehicles Third Party Insurance Act, the National Insurance Corporation Act, and the Nigerian Reinsurance Corporation Act. A major objective of the bill, according to Adetokunbo, is to create a robust legal and regulatory framework for the insurance sector, enabling it to contribute positively to Nigeria’s financial landscape. The senator had earlier affirmed that, having surpassed a two-decade mark, the existing Insurance Act lacks provisions that can adequately address contemporary challenges and support growth and innovation within the insurance industry. Among other things, the bill proposes the need to review the penalties for defaulting insurers, as those prescribed in the existing laws are inadequate and not sufficiently deterrent. It also aims to create a comprehensive legal framework for the regulation and supervision of all types of insurance businesses in Nigeria, as the current laws are outdated and have hampered the industry’s potential to compete globally. More notably, it seeks to scrap composite insurance businesses. He emphasised the need for effective risk-based supervision in the insurance sector, arguing that the current rule-based regulatory system has become obsolete. Adetokunbo noted that during the public hearing, stakeholders widely supported the bill, highlighting that the existing laws no longer meet the evolving needs of the industry. “The current insurance legislation is over two decades old and lacks provisions to address contemporary challenges and foster growth and innovation,” he said. The senator also pointed out that legal obsolescence had led to regulatory inefficiencies, hampering the industry’s global competitiveness. He urged the Senate to pass the bill, which would provide a comprehensive framework for the regulation of all types of insurance businesses in Nigeria. Meanwhile, Sen. Jimoh Ibrahim (APC-Ondo) raised concerns about the proposed minimum capital requirement of N45 billion for reinsurance businesses, suggesting that the status quo should be maintained due to the current economic situation. Jibrin emphasised that the passage of the bill was necessary to align the insurance ecosystem with contemporary economic realities, which would ultimately benefit the country. “This Act, once it receives concurrence from the House of Representatives and assent from the President, will significantly contribute to shaping our economy for the better,” he said. “Economies are dynamic and constantly changing, so it is incumbent upon the authorities of every nation to update their legislation to align with contemporary realities.” He added that he was confident that Nigeria would benefit immensely when the president finally gives assent to the bill. “This is precisely what the passage of this legislation aims to achieve: to restructure the entire insurance ecosystem in line with current realities.” Meanwhile, the regulator, the National Insurance Commission (NAICOM), in a statement, warmly welcomed the passage of the new Insurance Consolidated Bill by the Upper Chamber of the National Assembly, saying it remains optimistic that the legislation will unlock growth, prosperity, and potential in the insurance sector. NAICOM maintained that the passage of the bill marked a significant milestone in the country’s efforts to revamp the insurance industry after nearly two decades. The commission believes the bill is a game-changer for Nigeria’s insurance industry and will have a profound positive impact on the contribution of the insurance sector to the country’s GDP and economy as a whole. By consolidating existing insurance laws, the new legislation marks a new era in the ongoing efforts to strengthen Nigeria’s insurance industry. The bill provides a comprehensive framework for regulating all types of insurance businesses and ensuring a more robust and effective industry. “Passage of the Bill marks a significant triumph for Nigeria’s insurance industry, tackling the long-standing challenge of low insurance penetration in the country. The new legislation addresses the industry’s need for a more robust legal and regulatory framework, enabling it to compete favorably in the African insurance market and globally,” a statement from NAICOM affirmed. The regulator added that the newly passed bill introduces several pivotal provisions aimed at fortifying Nigeria’s insurance industry. According to the commission, key highlights of the legislation include, but are not limited to: Enhanced Capital Requirements: New minimum capital requirements for insurance companies, ensuring they are adequately capitalized to underwrite risks and protect policyholders. Risk-Based Supervision: Consolidation of the risk-based approach to supervision, enabling regulators to more effectively monitor and manage risks within the industry. Strengthened Consumer Protection: Improved consumer protection requirements, safeguarding the interests of policyholders and promoting transparency and fairness in insurance practices. Streamlined Regulatory Framework: An enhanced regulatory framework, providing clarity and consistency in the regulation of insurance businesses, and facilitating a more efficient and effective supervisory process. The achievement comes after years of operating with laws that have failed to keep pace with the country’s evolving economic landscape. Unlike other sectors that have undergone multiple phases of legislative reforms to reflect current economic realities. Reacting, an insurance consultant and risk management expert, Mr. Raymond Akalonu, confirmed that it’s a welcome development, having clear penalties to ensure consistency and fairness. “Penalties in the bill are more stringent and in tune with current realities, unlike the current Act, where some prescriptions are outdated. Some insurers, weighing the penalties, would prefer to commit the infraction and be penalized. The new penalty regime is a stronger deterrent that will result in a fair, stable, and competitive market.” Akalonu stressed that, aside from changes in capital, classification, and operational guidelines, the fundamental change embedded in the bill is that it provides the much-needed flexibility to deal with issues evolving from the dynamism of the insurance business, unlike the 2003 Act. The provisions of the current Insurance Act 2003 are too specific and prescriptive, making it rigid and not amenable to change to meet the dynamics of the insurance market. It is the provisions that largely prevented NAICOM from embarking on initiatives that could have positively impacted the sector. The provisions in the bill are crafted as framework legislation that provides for minimum or basic requirements, while the details would be spelled out in regulations and policy directives. This arrangement allows for ease of amendments and adjustments and substantially limits the need for a review of the law. It also allows for timely intervention for the purposes of protecting policyholders and ensuring financial stability. This also aligns the Nigerian insurance sector with international best practices. Moreover, the new bill makes provisions for fast-tracking the process of managing weak companies, thereby strengthening the commission’s distress management mechanism. He added that the provisions of the bill, when passed, will have a far-reaching effect on the regulation and supervision of the insurance business, strengthening various sections of the Insurance Act 2003: statutory framework, regulatory bodies, licensing requirements and tenure of licenses for brokers, policyholder protection, and dispute resolution mechanisms.Nine signs of dementia to watch out in older relatives this Christmas
From a broader perspective, the investigation into NVIDIA raises important questions about the state of competition and regulation in the tech industry. As technology companies continue to amass power and influence, regulators are increasingly scrutinizing their activities to ensure fair competition and consumer protection. The outcome of the NVIDIA investigation could set a precedent for how other tech giants are regulated in the future.
If you are busy building an investment portfolio, then having a few ASX 200 in there could be a good starting point. But which blue chip shares could be buys in December? Let's take a look at three quality options that analysts rate highly. They are as follows: ( ) The first ASX 200 blue chip share that could be a buy is CSL. It is a leading biotechnology company and one of Australia's highest quality companies. It comprises the CSL Behring, CSL Vifor, and CSL Seqirus businesses. These are leaders in their respective fields of blood plasma products, kidney therapies, and vaccines. Bell Potter is a big fan of the company and believes that recent weakness has created a buying opportunity for investors. Especially given that it believes the company's CSL Behring business will drive double-digit earnings growth over the coming years. Bell Potter currently has a buy rating and $345.00 price target on the company's shares. ( ) Another ASX 200 blue chip share that could be a buy is Goodman Group. It is a specialist global industrial property and digital infrastructure group. The company notes that is owns, develops, and manages high-quality, sustainable properties that are close to consumers and provide essential infrastructure for the digital economy. This focus has been very successful for Goodman (and its shareholders) over the past decade, with the company growing its earnings at a consistently strong rate over the period Morgan Stanley believes this positive form can continue, especially given its exposure to artificial intelligence through its data centre pipeline. It is for this reason that the broker currently has an overweight rating and $42.40 price target on its shares. ( ) A third ASX 200 blue chip share that could be a buy according to analysts is Woolworths. It is of course Australia's largest retailer through its eponymous supermarket chain, Big W, and a growing pet care business. Although regulatory concerns and market share losses have weighed on sentiment recently, Goldman Sachs believes that the selling has been overdone and created a buying opportunity for patient investors. Its analysts "believe that WOW's structural advantages of its store network, scaled online position and leading data/analytics capabilities will enable market share wins in the medium term. WOW is FY26 P/E of ~21x vs historical avg 26x." The broker has a buy rating and $36.20 price target on its shares.As artificial intelligence ( ) technologies evolve, the demand for computing power - and consequently, electricity - has surged, as have concerns about its energy consumption. Now, engineers from BitEnergy AI offers a potential solution - a new method of computation which could reduce the energy needs of AI applications by up to 95%. Linear-Complexity Multiplication could apparently reducing the energy needs of AI applications by 95% by changing how AI calculations are performed, moving away from the traditional use of floating-point multiplication (FPM) in favor of integer addition. From floating-point multiplication to linear-complexity multiplication FPM is typically used in AI computations because it allows systems to handle very large or small numbers with high precision - however, it is also one of the most energy-intensive operations in AI processing. The precision FPM offers is necessary for many AI applications, particularly in areas like deep learning, where models require detailed calculations. The researchers claim despite cutting energy consumption, there is no impact on the performance of AI applications. However, while the Linear-Complexity Multiplication method shows great promise, its adoption faces certain challenges. One significant drawback is that the new technique requires different hardware to what is currently in use. Most AI applications today run on hardware optimized for floating-point computations, such as GPUs made by companies like . The new method would require redesigned hardware to function effectively. The team notes the hardware needed for its method has already been designed, built, and tested. However, this new hardware will need to be licensed and there is no telling how this hardware will be made available to the broader market. Estimates suggest alone currently consumes approximately 564 MWh of electricity daily, enough to power 18,000 US households. Some critics predict that in just a few years, AI applications could consume around 100 TWh of electricity annually, putting them on par with the energy-hungry Bitcoin mining industry. Via
In what promises to be a thrilling encounter, reigning Serie A champions Inter Milan will be rotating their squad as they gear up for a crucial Champions League clash against Lazio. The stage is set for a showdown between two of Europe's top teams, with Inter Manager Simone Inzaghi showing confidence in his squad as they prepare to face off against their fierce rivals.
Title: Alibaba Data Center Fire: No Casualties Reported, Blaze Successfully ExtinguishedThe situation in Syria serves as a stark reminder of the vulnerability faced by Chinese nationals living in conflict zones across the globe. While diplomatic efforts are made to ensure the safety of citizens abroad, the reality is that in times of crisis, individuals must often rely on their own resourcefulness and ingenuity to safeguard their lives and well-being.Markets edge up in quiet Christmas Eve trading session
The parents, in a gesture of love and generosity, decided to transfer the ownership of their valuable property to their daughter, believing it would provide her with a secure financial future. However, as time passed, they began to have second thoughts about their decision, fueled by a mixture of financial concerns and family dynamics.And now, in the midst of the winter transfer window, Real Madrid has made waves once again with the acquisition of a new superstar. The "gatekeeper" of football transfers has given the green light for the signing of a €120 million player, whose name has sent shockwaves through the footballing world. Fans are abuzz with excitement as they eagerly anticipate the debut of this new addition to the squad.Barn Chic: When Farmhouse Style Blows onto the Runway
Tragically, unable to cope with the crushing weight of their financial losses and the callous treatment they received, Mrs. Lin and Jane made the devastating decision to take their own lives. Their deaths serve as a haunting reminder of the dire consequences of financial fraud and the importance of providing support and compassion to those who have been victimized.To participate in the campaign, simply visit the South Mountain website or app and browse the selection of products available. Once you've found the items you want to purchase, apply the relevant voucher at checkout to enjoy the discount. With easy and secure payment options, you can shop with confidence and peace of mind.The Danish government has announced plans to boost spending for , after US President-elect called for it to be sold to the US. Danish Defence Minister Troels Lund Poulsen said the package was worth at least $1.5bn (£1.2bn). He insisted that the timing of the announcement was an “irony of fate”, after Trump called for to In an announcement naming his ambassador to Denmark, Trump wrote that, "For purposes of National Security and Freedom throughout the World, the United States of America feels that the ownership and control of Greenland is an absolute necessity." It comes after the president-elect suggested over the weekend that the US could retake control of the Panama Canal if something isn't done to ease rising shipping costs required for using the waterway linking the Atlantic and Pacific oceans. He also suggested that Canada should become the 51st US state and referred to Canadian Prime Minister Justin Trudeau as "governor" of the "Great State of Canada." Greenland, an autonomous Danish territory, is home to a large US space facility, making it strategically important for the US. Mr Poulsen said the additional defence funding would go towards purchasing new inspection ships, two new long-range drones and upgrades to one of Greenland’s civilian airports so it can handle fighter jets. Greenland gained home rule from Denmark in 1979 and its head of government, Múte B Egede dismissed Trump's latest calls for US control. "Greenland is ours. We are not for sale and will never be for sale," he said in a statement. "We must not lose our years-long fight for freedom." Trump previously cancelled a 2019 visit to Denmark after his offer to buy Greenland was rejected by Copenhagen, and ultimately came to nothing.
NFL Scouts: Rams At 'Odd Point,' See No Path To Offensive ImprovementWith its blend of humor, heart, and charm, "Moonlight Madness" promises to provide audiences with a delightful cinematic experience. The film's all-star cast, including veteran actors Li Ming and Wang Hong, brings to life a diverse array of characters who each add their own unique flavor to the story.
In addition to the impressive discount on single purchases, customers can also take advantage of incredible deals on specific products. For example, the Xiaomi Smart Plug 3 is available for just 38.8 yuan after voucher, making it an affordable and convenient addition to any home. With features such as remote control capabilities and energy monitoring, this smart plug is a practical and innovative solution for modern living.Supreme Court hears transgender health care case. What does it mean for Montana?
Georgetown is set to play its first road game of the season while West Virginia attempts to build off its successful 2-1 trip to the Bahamas when the former conference rivals meet on Friday in Morgantown, W. Va., as part of the Big 12-Big East Battle. Picked 13th out of 16 in the Big 12 preseason coaches' poll, West Virginia (5-2) has been riding the hot shooting of Javon Small and Tucker DeVries. Small averages a team-high 19 points and shoots 41.3 percent on 3-pointers while DeVries adds 14.9 points per game and hits on 46.9 percent of his threes. Every basket was needed last week as the Mountaineers upset then-No. 3 Gonzaga and then-No. 24 Arizona with a loss to Louisville sandwiched in between. All three contests went into overtime, believed to be a first in program history. First-year coach Darian DeVries, who led Drake to three NCAA Tournaments in the last four seasons, had never seen anything like it. "I've never been a part of three games like that, especially with the quality of opponents that we went up these last three days," he said after the Arizona win. "Just incredible resolve and grit and toughness from our group all three nights." Georgetown has started 7-1 for the first time since the 2018-19 season and has done so with a completely revamped roster that includes 14 freshmen or sophomores. As a result of an inexperienced squad, coach Ed Cooley specifically delayed the Hoyas' first trip out of the nation's capital. "Obviously, the competition is going to change," Cooley said after the Hoyas defeated UMBC 86-62 on Monday. "We systematically scheduled this way to build confidence, continuity and chemistry and let our players feel what it is to win, and that's something hopefully that will have some carryover as we now get ready to head out on the road for the first time." Since losing to Notre Dame on Nov. 16, Georgetown has won five straight games by an average of 25.2 points. Thomas Sorber leads the Hoyas in scoring at 15.8 points per game and leads the conference in rebounding at 8.9 per game. Sorber was named as the Big East Freshman of the Week for the third time in four weeks. Georgetown holds the narrowest of leads in the all-time series at 27-26. The two schools met 27 times between 1995 and 2012 as league foes. The Mountaineers captured their lone Big East Championship in 2010 by defeating the Hoyas 60-58 at Madison Square Garden. --Field Level Media
One of the primary reasons cited for Xie Na's absence from Chen Qiao En's wedding was the issue with her passport. It was reported that Xie Na's passport was nearing its expiration date, and she was unable to renew it in time for the wedding. As international travel regulations require a certain period of validity on passports, Xie Na had no choice but to forego attending the wedding due to this administrative constraint. This unfortunate circumstance highlights the importance of checking passport validity well in advance of any planned trips or events.
The statement also addressed concerns about the impact of these security measures on passenger experience and travel time. The Customer Service department acknowledged that the security checks may result in longer wait times at stations, especially during peak hours, but stressed that these measures are necessary to ensure the safety of all passengers.
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As the Overwatch community eagerly awaits the start of a new competitive season, excitement is brewing, discussions are taking place, and expectations are running high. Recently, the OW official team took to social media to inquire about players' expectations and hopes for the upcoming season, sparking a flurry of responses and speculations. Amidst this lively exchange, one particular thread caught the attention of many - the comment section on the "Marvel Showdown" team building event.
"Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" To keep reading, please log in to your account, create a free account, or simply fill out the form below.In a statement released shortly after the fire was put out, Alibaba expressed gratitude to the fire department and emergency responders for their swift action in containing the blaze. The company also highlighted its commitment to ensuring the safety and security of its data centers, which are critical infrastructure components supporting a wide range of online businesses and services.