Insurance Law In Nigeria
On october 1 1960 the country gained independence from the british.
Insurance law in nigeria. This post was meant to be about the new employees compensation act in nigeria but i made a change at the last hour. At the time of independence there were twenty five insurance companies in nigeria. In 2008 the total asset of insurance companies was n573 152 48 billion national insurance commission 2010 in nigeria insurance carriers accounted for 61 of jobs while insurance agencies brokerages and providers of other related insurance services accounted for 39 of jobs in the industry. The pension reform act 2004 pra 2004 gives full details of employees.
Imperial law office attorneys ranks atop the leading insurance law firms in nigeria housing a constellation of the legal industry s most sought after leading insurance lawyers in nigeria. This report highlights some of the areas of differences between the former law and the new law. This was established in 1958. In nigeria this life insurance is compulsory by law.
And that s regardless of any form of insurance that s being discussed. 2 of 1997 while reenacting many of the provisions of the former law it has several other new provisions. Application of the act. Only four of these were owned by nigerians.
The insurance act 2003 repealed the insurance decree no. It caters to these groups to take out a policy for a minimum of 3x the total employee annual salary. When the word insurance is comes into discussion many questions comes along with it. How group life insurance works.
It is one of the largest law firms in west africa with offices in lagos port harcourt and abuja in nigeria and accra ghana. The group of people is usually not less than 5. Nigeria full service commercial and litigation law firm 234 1 461 7321. The first insurance company indigenous to nigeria was the african insurance company limited.
In 1961 the j c. It occurred to me that the most appropriate order is to first talk about life insurance cover for employees and thereafter proceed to write about the employees workmen s compensation provisions. We represent our clients in a variety of different insurance related areas including insurance coverage reinsurance corporate litigation insurance. Although health care provision in nigeria needs a serious lift the insurance aspect of it hasn t been badly affected.
The scheme includes employees in the public and private sectors compulsory clubs and associations. Aelex a full service commercial and litigation law firm.
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