Statutory Interventions in the Principles of Insurance in Nigeria
Keywords:
Insurance, uberimea fidei, utmost good faith, cancellation, Nigeria, indemnity, proximate cause, insurable interestAbstract
This study was designed to critically analyze the statutory interventions on insurance principles in Nigeria. The study was secondary in nature, as data used were gathered through extant literatures. The findings reveal that, the principle of utmost good faith, indemnity, insurable interest, attachment of risk, and cancellation are clearly defined and covered under the Nigerian Insurance Act, 2003; while the principles of subrogation rights, proximate cause, and mitigation of loss are left out. The implication is that when cases arise under these omitted principles, interpretation will be difficult. Additionally, even the interpretation of the defined principles poses certain challenges due to ambiguity in definition. Therefore, it was recommended that the Insurance Act, 2003, should be amended to cover for these limitations and enhance the protection of parties in an insurance contract within the Nigerian jurisprudence.
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Nigerian Insurance Act, 2003
