What are the classes of insurance under life business as classified by insurance act (2003)
1: individual life insurance
2: group life insurance and pension business
3: health insurance business
QUESTION (2)
Explain the nature of N.D.I.C
The NDIC supervises banks to protect depositors, ensure monetary stability and effective/efficient payment system as well as to promote competition and innovation in the banking system. ... It also provides the oversight functions required to preserve the integrity of and promote public confidence in the banking system.
FUNCTIONS OF N.D.I.C
Deposit Insurance
This is perhaps the most significant and distinct activity of the Corporation. As an insurer, NDIC guarantees the payment of deposits up to the maximum limit in accordance with its statue in the event of failure of an insured financial institution.
Bank Supervision
The Corporation supervises banks so as to protect depositors; foster monetary stability; promote an effective and efficient payment system; and promote competition and innovation in the banking system. Banking supervision is an essential element of the Nigeria deposit insurance scheme as it seeks to reduce the potential risk of failure and ensures the unsafe and unsound banking practices do not go unchecked.
Failure Resolution
One of the primary roles of the NDIC is to ensure that failing and failed institutions are resolved in a timely and efficient manner
Bank Liquidation
The bank liquidation option is always adopted by the corporation for banks that fail to respond to failure resolution measures. Liquidation process involves orderly and efficient closure of the failed institutions with minimum disruption to the banking system, cost-effective realisation of assets and settlement of claims to depositors, creditors and where possible, shareholders.
Functions Section 2 of the Nigeria Deposit Insurance Corporation Act 2006 stipulates the functions for the Corporation as follows: Insuring all deposit liabilities of licensed banks and such other financial institutions(hereinafter referred to as “insured institutions”) operating in Nigeria within the meaning of Sections 16 and 20 of this Act so as to engender confidence in the Nigerian banking system; Giving assistance to insured institutions in the interest of depositors, in case of imminent or actual financial difficulties of banks particularly where suspension of payments is threatened, and avoiding damage to public confidence in the banking system; Guaranteeing payments to depositors, in case of imminent or actual suspension of payments by insured institutions up to the maximum as provided for in section 20 of this Act; Assisting monetary authorities in the formulation and implementation of policies so as to ensure sound banking practice and fair competition among insured institutions in the country; Pursuing any other measures necessary to achieve the functions of the Corporation provided such measures and actions are not repugnant to the objects of the Corporation.
Name: OGUNDEPO KEHINDE DAVID Matric NO: IS/ND/F1927O6
QUESTION (1)
What are the classes of insurance under life business as classified by insurance act (2003)
1: individual life insurance
2: group life insurance and pension business
3: health insurance business
QUESTION (2)
Explain the nature of N.D.I.C
The NDIC supervises banks to protect depositors, ensure monetary stability and effective/efficient payment system as well as to promote competition and innovation in the banking system. ... It also provides the oversight functions required to preserve the integrity of and promote public confidence in the banking system.
FUNCTIONS OF N.D.I.C
Deposit Insurance
This is perhaps the most significant and distinct activity of the Corporation. As an insurer, NDIC guarantees the payment of deposits up to the maximum limit in accordance with its statue in the event of failure of an insured financial institution.
Bank Supervision
The Corporation supervises banks so as to protect depositors; foster monetary stability; promote an effective and efficient payment system; and promote competition and innovation in the banking system. Banking supervision is an essential element of the Nigeria deposit insurance scheme as it seeks to reduce the potential risk of failure and ensures the unsafe and unsound banking practices do not go unchecked.
Failure Resolution
One of the primary roles of the NDIC is to ensure that failing and failed institutions are resolved in a timely and efficient manner
Bank Liquidation
The bank liquidation option is always adopted by the corporation for banks that fail to respond to failure resolution measures. Liquidation process involves orderly and efficient closure of the failed institutions with minimum disruption to the banking system, cost-effective realisation of assets and settlement of claims to depositors, creditors and where possible, shareholders.
Functions Section 2 of the Nigeria Deposit Insurance Corporation Act 2006 stipulates the functions for the Corporation as follows: Insuring all deposit liabilities of licensed banks and such other financial institutions(hereinafter referred to as “insured institutions”) operating in Nigeria within the meaning of Sections 16 and 20 of this Act so as to engender confidence in the Nigerian banking system; Giving assistance to insured institutions in the interest of depositors, in case of imminent or actual financial difficulties of banks particularly where suspension of payments is threatened, and avoiding damage to public confidence in the banking system; Guaranteeing payments to depositors, in case of imminent or actual suspension of payments by insured institutions up to the maximum as provided for in section 20 of this Act; Assisting monetary authorities in the formulation and implementation of policies so as to ensure sound banking practice and fair competition among insured institutions in the country; Pursuing any other measures necessary to achieve the functions of the Corporation provided such measures and actions are not repugnant to the objects of the Corporation.
Name: Gbadamosi Adeshewa idayat Matric:is/nd/f19/2747/ 1.Health insurance business 2.Group life insurance &pension 3.Individual life insurance Question 2 Explained d nature of NDIC it supervises bank to protect despositor ensure monetary stability &effective/efficient payments system as well as to promote competition &innovation in d bank system
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ReplyDeleteName: Amos Emmanuel Opeyemi
ReplyDeleteMatric NO: IS/ND/F192722
QUESTION (1)
What are the classes of insurance under life business as classified by insurance act (2003)
1: individual life insurance
2: group life insurance and pension business
3: health insurance business
QUESTION (2)
Explain the nature of N.D.I.C
The NDIC supervises banks to protect depositors, ensure monetary stability and effective/efficient payment system as well as to promote competition and innovation in the banking system. ... It also provides the oversight functions required to preserve the integrity of and promote public confidence in the banking system.
FUNCTIONS OF N.D.I.C
Deposit Insurance
This is perhaps the most significant and distinct activity of the Corporation. As an insurer, NDIC guarantees the payment of deposits up to the maximum limit in accordance with its statue in the event of failure of an insured financial institution.
Bank Supervision
The Corporation supervises banks so as to protect depositors; foster monetary stability; promote an effective and efficient payment system; and promote competition and innovation in the banking system.
Banking supervision is an essential element of the Nigeria deposit insurance scheme as it seeks to reduce the potential risk of failure and ensures the unsafe and unsound banking practices do not go unchecked.
Failure Resolution
One of the primary roles of the NDIC is to ensure that failing and failed institutions are resolved in a timely and efficient manner
Bank Liquidation
The bank liquidation option is always adopted by the corporation for banks that fail to respond to failure resolution measures. Liquidation process involves orderly and efficient closure of the failed institutions with minimum disruption to the banking system, cost-effective realisation of assets and settlement of claims to depositors, creditors and where possible, shareholders.
Functions
Section 2 of the Nigeria Deposit Insurance Corporation Act 2006 stipulates the functions for the Corporation as follows:
Insuring all deposit liabilities of licensed banks and such other financial institutions(hereinafter referred to as “insured institutions”) operating in Nigeria within the meaning of Sections 16 and 20 of this Act so as to engender confidence in the Nigerian banking system;
Giving assistance to insured institutions in the interest of depositors, in case of imminent or actual financial difficulties of banks particularly where suspension of payments is threatened, and avoiding damage to public confidence in the banking system;
Guaranteeing payments to depositors, in case of imminent or actual suspension of payments by insured institutions up to the maximum as provided for in section 20 of this Act;
Assisting monetary authorities in the formulation and implementation of policies so as to ensure sound banking practice and fair competition among insured institutions in the country;
Pursuing any other measures necessary to achieve the functions of the Corporation provided such measures and actions are not repugnant to the objects of the Corporation.
Name: OGUNDEPO KEHINDE DAVID
ReplyDeleteMatric NO: IS/ND/F1927O6
QUESTION (1)
What are the classes of insurance under life business as classified by insurance act (2003)
1: individual life insurance
2: group life insurance and pension business
3: health insurance business
QUESTION (2)
Explain the nature of N.D.I.C
The NDIC supervises banks to protect depositors, ensure monetary stability and effective/efficient payment system as well as to promote competition and innovation in the banking system. ... It also provides the oversight functions required to preserve the integrity of and promote public confidence in the banking system.
FUNCTIONS OF N.D.I.C
Deposit Insurance
This is perhaps the most significant and distinct activity of the Corporation. As an insurer, NDIC guarantees the payment of deposits up to the maximum limit in accordance with its statue in the event of failure of an insured financial institution.
Bank Supervision
The Corporation supervises banks so as to protect depositors; foster monetary stability; promote an effective and efficient payment system; and promote competition and innovation in the banking system.
Banking supervision is an essential element of the Nigeria deposit insurance scheme as it seeks to reduce the potential risk of failure and ensures the unsafe and unsound banking practices do not go unchecked.
Failure Resolution
One of the primary roles of the NDIC is to ensure that failing and failed institutions are resolved in a timely and efficient manner
Bank Liquidation
The bank liquidation option is always adopted by the corporation for banks that fail to respond to failure resolution measures. Liquidation process involves orderly and efficient closure of the failed institutions with minimum disruption to the banking system, cost-effective realisation of assets and settlement of claims to depositors, creditors and where possible, shareholders.
Functions
Section 2 of the Nigeria Deposit Insurance Corporation Act 2006 stipulates the functions for the Corporation as follows:
Insuring all deposit liabilities of licensed banks and such other financial institutions(hereinafter referred to as “insured institutions”) operating in Nigeria within the meaning of Sections 16 and 20 of this Act so as to engender confidence in the Nigerian banking system;
Giving assistance to insured institutions in the interest of depositors, in case of imminent or actual financial difficulties of banks particularly where suspension of payments is threatened, and avoiding damage to public confidence in the banking system;
Guaranteeing payments to depositors, in case of imminent or actual suspension of payments by insured institutions up to the maximum as provided for in section 20 of this Act;
Assisting monetary authorities in the formulation and implementation of policies so as to ensure sound banking practice and fair competition among insured institutions in the country;
Pursuing any other measures necessary to achieve the functions of the Corporation provided such measures and actions are not repugnant to the objects of the Corporation.
Name: Gbadamosi Adeshewa idayat Matric:is/nd/f19/2747/ 1.Health insurance business 2.Group life insurance &pension 3.Individual life insurance Question 2 Explained d nature of NDIC it supervises bank to protect despositor ensure monetary stability &effective/efficient payments system as well as to promote competition &innovation in d bank system
ReplyDelete