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THE IMPACT OF THE PRUDENTIAL GUIDELINES IN THE INSURANCE INDUSTRY

 

PROPOSAL: What I intend to achieve as the researcher of this project topic the prudential guidelines on insurance companies will hold for the industry in the nearest future. This is to centered on the impact the issue of guidelines by the various regulatory bodies like the insurance Decree of 1996 and 1991 and the establishment of various bodies like the Nigerian insurance stock brokers and others. I also want to achieve the performance appraisal of the insurance companies with view of improving revenue profits, identifying the problems faced as a result of this prudential guidelines issued. In an effort to access the impacts of the implementation of the prudential guidelines one must first and for most achieve why the guidelines were issued and what they were intended to achieve.

          Hence the need to findings lasting solutions to sanities the insurance industry to bring about a more better future for its existence.

          Chapter one

          Vividly speaking this will base on Introduction, Background of study, statement of problems, objectives of study, significance of the study, scope limitation and delimitation and lastly Definition of terms.

          Chapter two

          This particularly involve the Review of related literature, objectives of insurance regulation, insurance Decree of 1976 and insurance Decree No 58 of 1991.

          Chapter Three

          Under this chapter we have Research designed and methodology, Data source, Data type, Data location and method of investigation applied.

 

          Chapter Four

          This will basically base on presentation and analysis of data, General review of Nigerian insurance market and claims.

          Chapter Five

          This will contained the following findings, recommendation and conclusion. 

 

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

1. Introduction                                                                   1

1.1     Background of study                                                     2

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

 

CHAPTER TWO

1. Review of Related Literature                                13

2.1     Objectives of insurance regulations                      15

1. Insurance Decree of 1976                                              17
2. Insurance Decree No 58 of 1991                                    17
3. Insurance Association                                                    18
4. Brief History of Insurable interest                                 27
5. Claims settlement                                                          29

 

CHAPTER THREE

1. Research Design And Methodology                     52

3.1     Data source                                                                    52

 

CHAPTER FOUR

1. Presentation and analysis of data                                  58

4.1     Introduction                                                                   58

1. Presentation of Question                                               58
2. Analysis of Data                                                            68

 

CHAPTER FIVE

5.O    Summary of Findings                                                    76

1. Decision of Findings                                                      78
2. Conclusion                                                           79
3. 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