Mataracy
VIP Contributor
Under this topic i will like to make use of my country Nigeria as a case study
The commissioner for insurance can intervene in the operations of an insurance institution, where it considers the exercise describe for protecting the interests of policyholders or potential policyholders against the possible risk of the insurance institution not being able to meet up with its obligations to them, or it appears yo the commission that the insurance institution has failed to satisfy an obligation which it is supposed yo by virtue of insurance Act or it appears to the commission that the insurance institution has furnished misleading or inaccurate information to the commission under the National Insurance Commission Decree or Insurance Decree.
The Commissioner can exercise the following powers of interventions: The Commission may require an Insurance institution.
(a) Not to make investments of a specified class or description or yo realize before the expiration of a specified period the whole or part of investments of a specified class or description.
(b) To furnish it with information about such matters as it may specify;
(c) To produce , at such time and place as it may specify, such books and papers as it may specify.
(d) To take such action as appears to it to be appropriate for the purpose of protecting policyholders or potential policyholders of an insurance institution against the risk that the insurance institution may be unable to meet its liabilities or fulfill the reasonable expectations of policyholders or potential policyholders .
The commissioner for insurance can intervene in the operations of an insurance institution, where it considers the exercise describe for protecting the interests of policyholders or potential policyholders against the possible risk of the insurance institution not being able to meet up with its obligations to them, or it appears yo the commission that the insurance institution has failed to satisfy an obligation which it is supposed yo by virtue of insurance Act or it appears to the commission that the insurance institution has furnished misleading or inaccurate information to the commission under the National Insurance Commission Decree or Insurance Decree.
The Commissioner can exercise the following powers of interventions: The Commission may require an Insurance institution.
(a) Not to make investments of a specified class or description or yo realize before the expiration of a specified period the whole or part of investments of a specified class or description.
(b) To furnish it with information about such matters as it may specify;
(c) To produce , at such time and place as it may specify, such books and papers as it may specify.
(d) To take such action as appears to it to be appropriate for the purpose of protecting policyholders or potential policyholders of an insurance institution against the risk that the insurance institution may be unable to meet its liabilities or fulfill the reasonable expectations of policyholders or potential policyholders .
