insurers requesting for membership of Nigeria Insurers Association is required by law to? (i) have been registered with NAICOM (ii)operate with sound insura...

insurers requesting for membership of Nigeria Insurers Association is required by law to?

(i) have been registered with NAICOM (ii)operate with sound insurance principles (iii) hold membership of CHN (iv)  ascribe to the policy holding of NIA 

Answer Details

Insurers requesting for membership of Nigeria Insurers Association (NIA) are required by law to have been registered with the National Insurance Commission (NAICOM) and operate with sound insurance principles. Additionally, they are required to ascribe to the policy holding of NIA. Therefore, the correct option is (ii) i, ii, and iv only. The NIA is the umbrella organization for all insurance companies in Nigeria. By requiring its members to operate with sound insurance principles, the NIA ensures that its members are reputable and operate in the best interests of their clients. By requiring its members to ascribe to its policy holding, the NIA ensures that its members adhere to a standard set of policies and guidelines. Membership of the Council of Heads of National Insurance (CHN) is not a requirement for NIA membership. However, it is possible that individual insurance companies may be members of both organizations.