LONG TITLE
A BILL FOR AN ACT TO AMEND THE INSURANCE ACT NO. 1, 2013 AND
FOR OTHER MATTERS CONNECTED THERETO, 2015
EXPLANATORY
MEMORANDUM
This Bill seeks to amend the Nigeria Insurance Act, to
enable customers have the right to choose any insurance of their choice, and
render stiffer penalties for offenders.
Sponsored by Hon.
Oghene Emma Egoh
Section 3 of the proposed Insurance Act amendment says "Customers of Banks and other institutions should be allowed to choose' their own insurance companies from approved Insurance companies in Nigeria; failure to comply with this will attract a fine of hundred times the amount of premium paid by the customer of the Bank"
The proposed law will inevitably break the monopoly and undue advantage the Bank has over Insurance sector.
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