Insurance

In discharging its statutory responsibility of regulating the affairs of insurance industry in Nigeria, the National Insurance Commission (NAICOM) has constituted a seven-man interim board of directors to oversee the affairs of Goldlink Insurance Plc with effect from  November 1, 2012.

A human rights activist and lawyer, Mr Austin Agu, has appealed to the judiciary to speed up the fraud cases against the former Commissioner for Insurance, Chief Emmanuel Chukwulozie and the Deputy Commissioner for Insurance (Finance and Administration), five years after it was instituted.

Aside from the various laws enacted by the Lagos State government to regulate the conduct of whoever desires to drive on Lagos road, which if violated, may lead the victim to jail, other road regulatory authorities have thrown their weight behind insurance industry to wage war against fake motor insurance policy.

The management of Alliance & General Insurance (A&G) Plc has paid over N1.2 billion as claims to indemnify Nigeria College of Aviation Technology (NCAT), for the aircraft that crashed in 2010.