Nigeria: Senate Sets Up Panel On Insurance Recapitalization

24 October 2007

Abuja — The Senate has set up an inquiry on the illegality of the recapitalization of the insurance sector without amendments of the Insurance Act 2003.

The Senate premised its action on the fact that it had not delegated its legislative power to anyone and that "senators would not open their eyes to illegality committed by anyone." The provision of S.9 (l) of the Insurance Act is clear law of Federal Republic of Nigeria and no one can amend it without necessary legislative approval, the Senate noted.

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