The chairman of the Somaliland National Insurance Agency Mr. Guleed Muse Galaal emphasized the importance and benefits of the Insurance law and its regulations for the country and society as a whole.
He said that from now hence forth a lot of intricate and cumbersome burdens will now be lifted off the community and the shoulders of the traditional leaders and elders who relied on the Somaliland traditionally cultural (people’s) insurance system to address related issues.
This follows the formulation of the insurance policy whose laws has leapt over all the required hurdles in its journey to become legally binding.
The insurance law has been long overdue and has been direly waited for a long time.
Mr. Guleed Muse Galaal, who gave an exclusive interview to the Somaliland national television, also talked at length about the benefits of the law for the nation and society.
Somaliland National Insurance Agency was established by President Musa Bihi two years ago. The bill of the Insurance Act has just been approved by Somaliland’s legislative councils and is awaiting en-action into law.
The Chairman of the Insurance Agency, thanked Somaliland President Muse Bihi Abdi, who established the National Insurance Agency, as well as the legislative councils and praised the approval of the National Insurance Act.
He said, “I am particularly grateful to the two chambers of the Senate, the House of Representatives, and the Supreme Court.”
He continued, “I also congratulate the people of Somaliland, the elders, and the traditional leaders, who have now had the opportunity to face with ease many problems and burdens that they had before, that they have now found something that can take off the burden, which is traditional Magta (blood money compensations) through insurances beforehand”.
It is worth noting that the lack of an insurance system in a country impedes investitures.
The new act will potentially bring confidence to investors to establish businesses in the country.