Omo-Eboh, Omogbai I
(1990)
Insurance law in Nigeria with particular reference to legislative intervention.
PhD thesis, London School of Economics and Political Science.
Abstract
Insurance affects a substantial number of the Nigerian population who take out insurance cover for protection against fortuitous risks or as a form of financial investment and security. This has led to a growing insurance industry in Nigeria. Over the years, a number of common law principles developed in the English courts have been adopted and applied by courts in Nigeria in the settlement of disputes arising from insurance contracts. Certain aspects of these principles and insurance practice are in need of reform as they tend to defeat the expectation of insurance consumers. As such, the legal principles have undergone significant statutory reforms in different countries including Nigeria. It is against this background that the thesis examines some aspects of the common law principles as applied in Nigeria and the impact which indigenous enactments and recent statutory reforms have on them. The work, though not primarily intended as a comparative study, draws from the approach to insurance reform in other common law countries, and recommendations on further reform in Nigeria are made where appropriate. The thesis is mainly directed at the protection of the insured and potential insured, an aspect of what is often known as consumer protection in insurance contracts. Thus, it is those aspects of the law affecting the insured that are mainly examined. These include the formation and documentation of insurance contracts, the role of insurance intermediaries, and the law governing warranties, conditions, non-disclosure and misrepresentations in insurance. The work concludes with an examination of judicial control and governmental regulation of insurance.
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