Insurance Template in Nigeria; Critical Assessment of Legislative Chronicle

Abstract

The Insurance Industry is incontrovertibly a very important sector of the Nigerian Economy, however it has failed to maximize its potential for several reasons one of which is poor and ineffective Legislative Enactments. This article examined diverse Legislations regulating and controlling the Insurance Industry, there pros and cons, and where necessary proposing amendments to the Act. The Act revealed that the Insurance Industry can be very instrumental to Economic development of Nigeria as a country, nonetheless, it is rather unfortunate that this opportunity to improve Nigerian Economy has not been fully maximized. Furthermore, this article revealed that one instrumental reason for the inefficiency of the Insurance Industry can be attributed to poor Legislations. As a recommendation, this article proposed that the Insurance Act 2003 and the Motor Vehicle (Third Party Insurance) Act 1945 should be amended in order to enable the Act to meet present realities in the economy and create efficacy for the industry. Finally, this article established that the Insurance Industry is germane to Nigerian Economy, however, it has failed to fit into this capacity as a result of poor Legislation.