• Register

    All you need is a TradeNaira account
    With your TradeNaira account, you can use all our services, current and future...

    Register

    Welcome to the TradeNAIRA Community

    Set a password which has at least 6 characters and it's better to contain uppercase and lowercase letters and numbers.

    Set a password which has at least 6 characters and it's better to contain uppercase and lowercase letters and numbers.

    Select type of Membership you want to open
  • EN
Governor amosun.jpg

‘Building insurance defaulters will face N5 million fine, imprisonment’

The punishment of rebelliousness anticipates landowners who neglect to regard the mandatory protection of public structures and structures under development when the Insurance Industry Consolidated Bill is passed into law. Defaulters would confront a fine of N5 million or detainment to a most extreme term of a year.

 

With this arrangement, the bill looking for the necessary protection of public structures and structures under development scaled second perusing on the Senate floor a week ago.

 

Visit TradeNaira for more Nigeria business news.

 

The Insurance Act (Amendment) Bill, 2021, was supported by Senator Amosun Ibikunle Oyelaja of Ogun Central. The bill, when passed into law, would, among others, make it mandatory for casualties of building breakdown to be repaid by insurance agencies.

 

During the discussion of the bill, Amosun said: "The predominance required the requirement for the alteration of the Bill of fell structures in numerous Nigerian urban areas which have prompted the unquantifiable loss of lives and property just as lasting incapacity.

 

"There has been an increment in the instances of imploded structures in the country, most particularly in the last ten years."He reviewed that a three-story private/school expanding on Massey Road, Ita Faaji region of Lagos Island in March 2019, brought about the deficiency of 20 lives with 43 people harmed while another under development situated at No 9 Ezenwa Street, Onitsha, left at any rate six people dead.

 

As indicated by the administrator, the Lekki building breakdown, which happened on Tuesday, March 2016, brought about the killing of no less than 34 people and harming a few others while a six-story guesthouse having a place with a congregation in the Ikotun zone of Lagos in September 2014 fell catching around 300 individuals out of which more than 100 were said to have lost their lives.

Senator Amosun Ibikunle Oyelaja of Ogun Central

He proceeded: "These cases and a few others, too various to even think about referencing, are considered as a portion of the most exceedingly awful rates of a fell structure in Nigeria, as of late.

 

"The bill looks to address the accompanying: Provide security as a solution for casualties of fell structures; fill the hole in the inability to accommodate a restriction of obligation in regard of outsider responsibility in necessary protection of public structures under development; furnish sufficient punishment arrangements by current financial, real factors for the contradiction of the law and reestablish the wonder of the protection business which is described by holes intending to the various dangers in the development business."

 

Senate President, Ahmad Lawan, alluded to the bill after it scaled second perusing to the Committee on Banking, Insurance, and Other Financial Institutions for additional authoritative work.

 

 

 30 minutes ago, Bandits kidnaped students, teachers in Kaduna school

1 hour ago, the Bank chief called for investment to reduce inequality

2 hours ago, Underwriters raised insurance benefits, accept to drive efficiency

3 hours ago, Manufacturers spent over N143b on alternative electricity supply

 

 

Click here to get updates on Nigeria's trending business news.

 

 

 

 

 

 

 

 

 

 

#Nigeira Business News #Trending Nigeria news #Business news

 

 

 

 

 

Comments

LATEST NEWS

Search
New posts