In a bid to sanitize the insurance industry, the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Distinguished Senator Mukhail Adetokunbo Abiru, sponsored a Bill, co-sponsored by all members of the Committee, to consolidate all laws in the insurance industry into one Act. Sen. Binos Yaroe, who is an active member of the Banking, Insurance, and Other Financial Institutions Committee, in contributing to the debate, commended the Chairman for coming up with the initiative, which has the potential to revolutionize the insurance industry in Nigeria. The Bill when passed, in the opinion of Senator Yaroe, will contribute immensely to the growth of the economy.