About the Law
This Nigerian law was created to make provisions for the application of different types of insurances in Nigeria, the penalties for not having insurance, and the regulations governing the process of obtaining insurance protection.
Some key provisions of the Law:
- Classifies insurance into two main types – life insurance and general insurance
- Provides that only registered business can carry out the business of insurance
- Lays out the process for registration of insurers and the minimum paid up share capital of insurers
- Records to be kept by insurers and reinsurers
- Separation of accounts and reserve funds
- Types of investments which insurers are allowed to invest in
- Procedure for amalgamation and transfer
- Rights, duties, and responsibilities of insurance agents and brokers
- Compulsory insurance policies which must be taken out
You can read the full provisions of the law here – Insurance Act 2003
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