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Chuks Udo Okonta
The bill seeking to amend the Insurance Act 2003, to set minimum limit of compensation in the event of death, injury or loss of property of third parties with respect to insurance of public buildings and buildings under construction, has passed through second reading at the floor of the Senate.
The bill sponsored by Senator Umaru Kurfi – Katsina Central, suggests that section 64 of the Insurance Act 2003, be amended by substituting for the existing subsection 3, a new subsection 3 which should read: a person who contravenes subsection 1 of this section commits an offense and on conviction shall be liable to: A fine of N500,000 or imprisonment for three years or both, payment of the sum of N1 million in respect of injury and unlimited liability in respect of death.
The bill also wants section 65 of the principal Act amended by inserting after the existing subsection 4, a new subsection 4, which should read: the limit of the liability for the taken out pursuant to subsection 3 of this section shall be: In respect of death, unlimited, in respect of injury N1 million and in respect of damage to property N1 million.
“SB 275 Insurance Act (Amendment) Bill, 2016;, This Bill is cited as the Insurance Act (Amendment) Bill, 2016;, EXPLANATORY MEMORANDUM;, This Bill seeks to amend the Insurance Act 2003, to set minimum limit of compensation in the event of death, injury or loss of property of third parties with respect to insurance of public buildings and buildings under construction,” the bill reads.
http://www.nassnig.org/document/download/8191
