At the backdrop of the collapse of the 21 storey building in Ikoyi, Lagos, the Insurance Industry Consultative Council, IICC, has called on states to domesticate the compulsory building insurance law.
Chairman of IICC, Mr. Muftau Oyegunle, who made the call, noted that all insurance laws are federal laws and need to be domesticated by states.
Speaking at the IICC 2021 Media Retreat, Oyegunle noted that state governments have the liberty to decide how to domesticate the laws in their various states.
He said: “On the compulsory insurance for buildings up to two stories under construction, it is worthy of note that all insurance laws are federal government‘s laws.
“The state governments have to domesticate and implement it. After they have domesticated it, when it comes to fines and penalties the state government has the liberty to decide how to do it in their state.”
Also speaking, the Managing Director/CEO of Afriglobal Insurance Brokers Limited, Mr. Casmir Azubuike, said that the federal government should look into and regulate the high rate of building materials in the country.
