A dispute as to whether the National Insurance Commission is authorised by statute to regulate all insurance companies in Nigeria including NICON Insurance Limited was resolved in the positive.
It is trite law that where an enactment confers a power or imposes a duty, the power may be exercised and the duty shall be performed from time to time as the occasion requires. It is also the law that an enactment that confers power to do any act shall be construed as also conferring all such other powers as are reasonably necessary to enable that act to be done and are incidental to the doing of it. See; Section 10 (1) and (2) of the Interpretation Act.
Part 2 Section 7 of the National Insurance Act Cap. N53 Laws of the Federation, 2004 states the functions of the Commission.
The Commission shall-
(a) establish standards for the conduct of insurance business in Nigeria;
(b) approve rates of insurance premiums to be paid in respect of all classes of insurance business;
(c) approve rates of commissions to be paid in respect of all classes of insurance business;
(d) ensure adequate protection of strategic Government assets and other properties;
(e) regulate transactions between insurers and reinsurers in Nigeria and those outside Nigeria;
(f) act as adviser to the Federal Government on all Insurance related matters;
(g) approve standards, conditions and warranties applicable to all classes of insurance business;
(h) protect insurance policy holders and beneficiaries and third parties to insurance contracts;
(i) publish, for sale and distribution of public, annual reports and statistics on the insurance industry;
(j) liaise with and advise Federal Ministries, Extra Ministerial Departments, statutory bodies and other Government agencies on all matters relating to insurance contained in any technical agreements to which Nigeria is a signatory;
(k) contribute to the educational programmes of the Chartered Insurance Institute of Nigeria and the West African Insurance Institute; and
(l) carry out such other activities connected or incidental to its other functions under this Act.
Also, the powers of the Commission in Part 2 Section 8 of the National Insurance Act Cap. N53 Laws of the Federation, 2004 provides that:
The Commission shall have powers to-
(a) establish a bureau to which complaints, against any insurer, reinsurer, insurance broker or loss adjuster (in this Act referred to as “insurance institution”) may be submitted by members of the public;
(b) request or call for information from Federal Ministries, extra-ministerial departments, statutory bodies and other government agencies on matters relating to insurance;
(c) borrow such sums of money as the Commission may, from time to time, require for performing its functions under the Act;
(d) acquire offices and other premises for the use of the Commission;
(e) establish such zonal and other offices of the Commission as it may deem necessary for the proper performance of its functions under the Act; and
(f) and do such other things as are necessary for the successful performance of its functions under the Act.
From all stated above, it is eminent that the National Insurance commission can carry out the actions contained herein.