The Insurance Reforms Bill that has just passed the second reading at the Senate has proposed that companies transacting insurance businesses without obtaining operational licences will be liable to a fine of ?50 million or imprisonment for a term of two years. The bill also specifies that a person who transacts any insurance business without being licensed for that purpose commits an offence and is liable on conviction to a fine of ?25 million or imprisonment for a term of two years. These are contained in section 10 of the bill under the subhead operating an unlicensed insurance business. The post Unlicensed insurance operators risk N50 million sanction under new bill
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