Insurance Law In Nigeria
Aelex a full service commercial and litigation law firm.
Insurance law in nigeria. In 1961 the j c. 2 of 1997 while reenacting many of the provisions of the former law it has several other new provisions. Occupiers liability insurance under the insurance act 2003 and lagos state law. On october 1 1960 the country gained independence from the british.
This report highlights some of the areas of differences between the former law and the new law. At the time of independence there were twenty five insurance companies in nigeria. Insurance in nigeria over expectations among the insuring public due to promises made by the insurance agents human depravity competing traditional social insurance scheme and economic downturns. The insurance act 2003 repealed the insurance decree no.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. In nigeria this life insurance is compulsory by law. Only four of these were owned by nigerians. The first insurance company indigenous to nigeria was the african insurance company limited.
This is an insurance policy mandated by law for the owners or occupiers of public buildings used as residential offices filling stations hostels and so on. How group life insurance works. The scheme includes employees in the public and private sectors compulsory clubs and associations. This post was meant to be about the new employees compensation act in nigeria but i made a change at the last hour.
Nigeria full service commercial and litigation law firm 234 1 461 7321. 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. 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. The pension reform act 2004 pra 2004 gives full details of employees.
Application of the act. The group of people is usually not less than 5. We represent our clients in a variety of different insurance related areas including insurance coverage reinsurance corporate litigation insurance. This was established in 1958.
It is one of the largest law firms in west africa with offices in lagos port harcourt and abuja in nigeria and accra ghana. And that s regardless of any form of insurance that s being discussed.
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