Appraisal Of The Role Of Regulatory Bodies In The Nigerian Insurance Industry

Business is too important to be left to “Business-men” to run and operate as they see fit. Moreso, if that “business” is that of insurance. The average Nigerian might not know much about insurance but he or she knows that insurance companies “don’t pay claims” In otherwords, the insurance industry has a bad image. This was the reason behind the federal governments creation of different insurance regulatory bodies. To prevent “quacks from doing insurance business and to protect the insuring public, insurance laws and regulatory bodies have been created to further protect the insuring public. Th…