Nigeria Insurance Industry Bill 2024: A Review 2
Continued from yesterday, August 1, 2024
As it is our tradition to keep our esteemed readers abreast of the trends of events in the country and globally, yesterday, August 1, 2024, we started the preview of the Nigeria Insurance Industry Bill 2024. As we promised, below is the continuation of the serialization of the Bill for your reading pleasure and information purposes. Today we will continue our focus on the various provisions in the Bill. Enjoy!
Provision 71 (Right of assignee to sue), 72 (Notice of assignment), 73 (Acknowledgement of notice of assignment), 74 (Provisions inapplicable to marine insurance), 75 (Insurance of building under construction), 75 (Insurance of public buildings), 77 (Insurance of Government Assets and Employees 78 (Insurance of petroleum and gas stations; and products in transit), 79 (Application of proceed of claims on houses destroyed by fire) 79 (Professional indemnity by health care providers), 80 (Professional indemnity by health care providers) 81 (Aviation insurance), 82 (Insurance of import of goods and merchandise), 83 (Ad-hoc committee on compulsory insurance business), 84 (Insurance against third party risks), 85 (Limitation of time for proceedings), 86 (Exemptions), 87 (Requirements in respect of policies and certificates of insurance), 88 (Certain conditions in policies to be of no effect), 89 (Avoidance of restriction on third party policies), 90 (Duty of insurer to satisfy judgments).
Other provisions are 91 Section 1 (Rights of third parties against insurers) Section 2 (Credit Life Insurance), 92 (Duty to give information to third parties), 93 (Certain settlements between insurer and insured to be of no effect), 94 (Bankruptcy of insured person not to affect certain claims), 95 (Further right of third parties against insurers), 96 (Further right of third parties against insurers.
Certificates to be produced) 97 (Duty of owner), 98 (False statements, forging, etc. certificates), 99 (Road accident victims compensation fund), 100 (Road accident victims compensation committee), 101 (General penalty under this part), 102 (Interpretation in this part), 103, (Establishment of the National Bureau on the ECOWAS Brown Card Scheme), 104 (Savings and transitional provisions pertaining to the Bureau), 105 (Appointment of staff by the bureau). 106 (Police report in motor accidents cases), 107 (Procedure for amalgamation), 108 (Post amalgamation returns (documents to be deposited), 109 (Prohibition law), 110 (Appointment of receiver or provisional liquidator), 111 (Petition for winding up in other cases), 112 (Prohibition of voluntary winding up).
Provisions 113 (Continuation of life insurance business in liquidation), 114 (Exemption of insurance funds from liquidation or garnishee), 115 (Marine insurance defined), 116 (Mixed sea and land risks), 117 (Marine adventure and maritime perils), 118 (Avoidance of wagering or gaming contracts), 119 (Insurable interest in marine insurance), 120 (When interest attaches), 121 (Defeasible or contingent interest), 122 (Partial interest), 123 (Reinsurance), 124 (Bottomry), 125 (Master’s and seamen’s wages), 126 (Advance freight), 127 (Charges of insurance), 128 (Quantum of interest), 129 (Assignment of interest), 130 (Measure of insurable value), 131 (Disclosure and representations before contract or variation), 132 (The duty of fair representation) 133 (Knowledge of insured), 134 (Knowledge of insurer), 135 (Knowledge: general), 136 (Supplementary), 137 (Remedies for breach), 138 (Good faith), 139 (Representation pending negotiation of contract), 140 When contract deemed to be concluded), 141 (Contract to be embodied in a policy), 142 (Name of insured to be specified in policy document) 143 (Signature of insurer), 144 (Designation of subject matter), 145 (Floating policy by ship or ships), 146 (Double insurance), 147 (Breach of warranty).
Others include Provisions 148 (Express warranties), 149 (Warranty of neutrality), 150 (No implied warranty of nationality), 151 (Warranty of good safety), 152 (Warranty of seaworthiness of ship), 153 (No implied warranty that goods are seaworthy), 154 (Warranty of legality), 155 (Implied condition as to commencement of risk), 156 (Alteration of port of departure), 157 (Sailing for different destination), 158 (Change of voyage), 159 (Deviation), 160 (Several ports of discharge), 161 (Discharge from liability due to unreasonable delay in voyage), 162 (Excuses for deviation or delay), 163 Section 1 (Assignability of policy), Section 2 (Effect of assignment of policy), 164 (Insured who has no interest cannot assign), 165 (Effect of acknowledgment of premium on policy), 166 (Specifically covered and excluded losses), 167 (Total and partial loss), 168 (Actual total loss), 169 (Missing ship), 170 (Effect of transshipment, etc), 171 (Constructive total loss), 172 (Treatment of constructive total loss), 173 (Notice of abandonment), 174 (Effect of abandonment), 175 Section 1 (Partial losses), Section 2 (Particular average loss), 176 (Salvage charges), 177 (General average loss), 178 (Proportional liability of insurer for loss), 179 (Total loss).
Provisions 180 (Partial loss of a ship), 181 (Partial loss of freight), 182 (Partial loss of goods, merchandise and other moveables), 183 (Apportionment of valuation), 184 (General average contribution and salvage charges), 185 (Liabilities to third parties), 186 (General provisions as to measure of indemnity), 187 (Particular average warranties), 188 (Successive losses), 189 (Suing and labouring clause), 190 (Right of contribution), 191 (Effect of under insurance), 192 (Enforcement of return of premium), 193 (Return by agreement), 194 (Return for failure of consideration), 195 (Ratification by the insured), 196 (Implied obligations varied by agreement or usage), 197 (Slip as evidence), 198 (Gambling on loss by maritime perils prohibited), 199 (Interpretation of this part), 200 (Regulations for the operation of specialized insurance institutions), 201 (Operation of Web Aggregators), 202 (Anti-Money laundering, combatting financing of terrorism and proliferation of weapons of mass destruction.), 203 (Insurance of container), 204 (Contract with foreign insurer and reinsurer), 205 (Contracts of general insurance-entitlements of third party beneficiaries), 206 (Internal control system of insurance operators), 207 (Internal control system of insurance operators. Duty of insurers to report fraudulent insurance conduct 208 (Advertisement), 209 (Misleading statements, etc).
Other provisions are 210 (Claims settlement), 211 (Restriction on loans to directors, etc), 212 (Security and Insurance Development Fund), 213 (Offences as to returns), 214 (Production of documents), 215 (Human resource training for special risk business), 216 (Service of process), 217 (Penalty for non-compliance), 218 (Fees), 219 (Application of the provisions of the Companies and Allied Matters Act No. 3 of 2020), 220 (Compounding of offences), 221 (Recovery of sums involved in the commission of offences), 222 (Offences by body corporate), 223 (Jurisdiction and prosecution), 224 (Obstruction of public officers), 225 (Misrepresentation by public officers), 226 (Protection against adverse claims), 227 (Power to make regulations), 228 (Repeal and savings provision), 229 (Right of subrogation), 230 (Application to other Laws), 231 (Interpretation), and 232 (Short title).
Note: Tomorrow, we will bring you details of Part I of the Bill and the provisions therein. Please keep a date!
To be continued tomorrow, August 2, 2024.
