Insurance Act, 2006 (Act 724)
Section 44: (1) Subject to subsection (2), a contract of insurance entered into by an insurer after the commencement date is void if it is a contract under which the insurer undertakes a liability the amount, or maximum amount, of which is uncertain at the time when the contract is entered into.
(2) Regulations may prescribe contracts of insurance, or classes or descriptions of contracts of insurance, that are exempt from subsection (1).
(3) This section applies to motor insurance contracts despite anything to tpe contrary in the Motor Vehicles (Third Party Insurance) Act, 1958 (No. 42).
(4) The Commission in consultation with the insurance industry shall by Regulations prescribe a formula to compute the compensation in respect of injury and deceased claims arising out of a motor accident.
Procedure to Follow
Responsible Institution
- Email: info@nicgh.org
- Website: https://nicgh.org/
- GPS:
- Telephone: 0302238300 /030 2 238301
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