THE IMPACT OF THE PRUDENTIAL GUIDELINES IN THE INSURANCE INDUSTRY

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ABSTRACT

          This project work is aimed at giving an insight of what the prudential guidelines on insurance companies hold for the industry in the nearest future.

It is centered on the impact of issued guideline by the various regulatory bodies like the insurance.  Decree of 1976 and 1991 and the establishment of the various bodies like the NISB and others.

It also examine the performance apprisal of the insurance companies with a view of improving revenue profits, identifying the problems faced as a result of this prudential guidelines issued.

Hence the need to finding lasting solution to sanitize the insurance industry to bring about a more better future for its existence.

 

 

 

 

 

TABLE OF CONTENT

CHAPTER ONE

• Introduction 1

1.1     Background of study                                                       2

• Statement of problems 3
• Objective of study 4
• Significance of the study 5
• Scope limitation and delimitation 6
• Research Hypothesis                                                    8
• Definition of terms 9

 

CHAPTER TWO

• Review of Related Literature 13

2.1     Objectives of insurance regulations                              15

• Insurance Decree of 1976 17
• Insurance Decree No 58 of 1991 17
• Insurance Association 18
• Brief History of Insurable interest 27
• Claims settlement 29

 

CHAPTER THREE

• Research Design And Methodology 52

3.1     Data source                                                                     52

 

CHAPTER FOUR

• Presentation and analysis of data 58

4.1     Introduction                                                                      58

• Presentation of Question 58
• Analysis of Data 68

 

CHAPTER FIVE

5.O    Summary of Findings                                                      76

• Decision of Findings 78
• Conclusion 79
• Recommendation 81

 

Bibliography/References                                                83

 

 

 

 

 

 

 

 

CHAPTER ONE

1.0     INTRODUCTION

          Insurance companies deal principally money and property.

According to Brettl. J. the subject matter of insurance is money and money only.  They act as mobilizers of funds from surplus units and channel them to deficit units.

This channeling can be refered to as indemnity.

This can be put in another way, that the primary purpose traditionally of insurance to spread the financial losses of insured members over the whole of the insuring uncertainty by compensating the unfortunate few from the contributions of all members.

Premium changed by the insurance company is its primary sources of manning income, therefore the insurance companies help on premium for its insured or person, financial rights or liability to mention but a few.

However, the financial compensation promised by the insurer is what is called the subject matter of the contract.

Insurance contract is subject to the general Principles of Nigerian Law of Contract as in any other commercial activity.  It these principles that makes for its validity.  Not only does it affect insurance but it operates in every other commercial aspect of life.

 

1.1     BACKGROUND OF STUDY

The role of insurance as one of the major economic activities of a nation has long received would acclamation.  It is not a dispute that insurance has attained a high degree of commercial sophistication.

Insurance business plays a major role in shaping the economic furtunes of the business enterprise institutions and individuals.

The economic profits of any country usually has an impact on both cost and benefits of insurance.  Thus one should consider the examination of the subject of insurance regulation timely in view of current economic climate.

 

1.2     STATEMENT OF PROBLEMS

It has been a concern within the insurance industry on the introduction of the prudential guidelines, as it affects the performance appraisal of the insurance companies.