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A Critical Examination and Effect of Public Policy on Settlement of Insurance Claims in Nigeria
0₦2,500.00Dr Ifeoma Oluwasemilore of the Department of Commercial and Industrial Law Faculty of Law University of Lagos, Akoka Lagos, Nigeriain her article, A Critical Examination and Effect of Public Policy on Settlement of Insurance Claims in Nigeria, attempts a critical look at the meaning of public policy as decided by the Nigerian and English Courts, and instances where the courts have refused to enforce contracts on the ground that they are contrary to public policy. Oluwasemilore further examines the effects of the application of the rules of public policy to first and third-party insurances and advocates a clear delineation and codification of what constitutes public policy to enhance uniformity in the effect of its application to contracts of insurance.
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An Examination of the Regulatory Framework for the Establishment of Insurance Business in Nigeria and the United States of America
0₦2,500.00Dr Kehinde Anifalaje of the Department of Commercial and Industrial Law Faculty of Law, University of Ibadan Nigeria in his article, An Examination of the Regulatory Framework for the Establishment of Insurance Business in Nigeria and the United States of America, examines the legal regime for the establishment of insurance business in Nigeria and the United States of America with special focus on authorisation as well as solvency and technical adequacies. Dr Anifalaje argues that though there are competitive advantages in the decentralised state regulation in the United States of America than the monolithic regulation in Nigeria, the constitutional arrangement of insurance regulation would not readily give room for State control in the latter. He concludes that both forms of regulatory control have their merits and that the policymakers must give sufficient consideration to the socio-economic realities within the country before adopting any of the alternative frameworks.
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A Review of the Doctrine for Insurable Interest under the Marine Insurance Act in Nigeria
0₦2,500.00Oyeniyi Ajigboye, Lecturer, Faculty of Law, Adekunle Ajasin University, Akungba-Akoko, in his article “A Review of the Doctrine of Insurable Interest under the Marine Insurance Act in Nigeria” gives an overview of the doctrine of insurable interest in marine insurance. The concept implies that a policy holder or the beneficiary must stand to suffer a direct financial loss in an event that the uncertain event insured against, occurs. He identifies relevant changes in the law in England, Australia and South Africa and concludes that the doctrine of insurable interest has developed into a potent clog in the wheel of marine insurance. He advocates that the doctrine be jettisoned so as to revamp marine insurance business in Nigeria.
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Strengthening the Legal Framework for Competition in Nigeria’s Insurance Industry
0₦2,500.00Professor Taiwo Osipitan, SAN and Dr. Viashima Akaayar of the Faculty of Law, University of Lagos in their article, “Strengthening the Legal Framework for Competition in Nigeria’s Insurance Industry” examine the concept and theories of Competition. Though they acknowledge the presence of antitrust rules in financial legislations such as the Companies and Allied Matters Act 1990 and the Investment and Securities Act 2007, they posit that such rules are non-sectoral and largely ineffective in enhancing the core objectives of promoting competition in the insurance sector. To protect unsuspecting customers, they propose the resuscitation and enactment of the Federal Competition Commission (FCC) Bill and the National Antitrust Commission (NAC) Bill.
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A Review of the Legal Framework for Reinsurance in Nigeria
0₦2,500.00Professor Peter Fogam and Dr. Viashima Akaayar of the Department of Commercial & Industrial Law, University of Lagos in their article, “A Review of the Legal Framework for Reinsurance in Nigeria” examines the 3 main international regulatory approaches to reinsurance. They undertake a comprehensive review of the legal regime regulating reinsurance, arguing that the Nigerian Reinsurance subsector is neither stable nor strong enough to warrant the Domiciled Oriented Regulation (DOR) apparent in several sections of the Insurance Act and other extant laws on reinsurance.
