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Joseph Ogbonnaya Irukwu (20 July 1934 – 7 July 2023) was a Nigerian insurance executive, lawyer, lecturer and author who wrote published works about the insurance industry in Africa. He was also a president of Ohaneze Ndigbo , an ethno-political and social group that represents the interest of Igbos in the Nigerian polity.
These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. The first printed book on insurance was the legal treatise On Insurance and Merchants' Bets by Pedro de Santarém (Santerna), written in 1488 and published in 1552. [36] [37]
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.
Following the spirit of the new law, the government acquired interest in major expatriate led banks within the country including First Bank of Nigeria and Union Bank of Nigeria and mandated a compulsory percentage of loans be made to Nigerians. The government also acquired interest in the insurance and oil and gas sectors.
The Constitution of Nigeria is the supreme law of the country. There are four distinct legal systems in Nigeria, which include English law, Common law, Customary law, and Sharia Law. English law in Nigeria is derived from the colonial Nigeria, while common law is a development from its post-colonial independence. [1]
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
Germany has the world's oldest national social health insurance system, [1] with origins dating back to Otto von Bismarck's Sickness Insurance Law of 1883. [2] [3] In Britain, the National Insurance Act 1911 included national social health insurance for primary care (not specialist or hospital care), initially for about one-third of the population—employed working class wage earners, but not ...
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