Micro-insurance as a Socio-Economic Tool for National Transformation: A Legal Perspective

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dc.contributor.authorAkaayar, V.S
dc.date.accessioned2019-03-12T10:44:48Z
dc.date.available2019-03-12T10:44:48Z
dc.date.issued2016
dc.descriptionJournal Articlesen_US
dc.description.abstractMicro-insurance is a financial strategy that recently evolved for the purpose of providing appropriate risk control mechanisms for persons involved in micro and small scale enterprises. In relation to national transformation, therefore, micro-insurance is a vital tool for the reduction of poverty and provision of equal economic opportunities for all citizens. Nevertheless, in Nigeria, there is lack of adequate literature that establishes the nexus between micro-insurance and national development. Although the National Insurance Commission (NAICOM) released the Guidelines for Micro-insurance Operation in Nigeria in 2013, it is uncertain whether the same is adequate in extracting the benefits of micro-insurance for national development. Consequently, this doctrinal study examines, from a legal perspective, the role of micro-insurance in national transformation. The paper demonstrates that micro-insurance not only serves as a catalyst for economic development, but also constitutes a novel social protection model for low-income persons. In order to strengthen the recent Guidelines in realizing the goals of micro-insurance for national transformation, this paper highlights some regulatory experience from South Africa and recommends the introduction of ‘Financial Inclusion Regulatory Structure’ (FIRS) as a reform strategy for Nigeria’s policy reformers.en_US
dc.description.sponsorshipTertiary Education Trust Funden_US
dc.identifier.citationAkaayar, V.S (2016). Micro-insurance as a Socio-Economic Tool for National Transformation: A Legal Perspective. Unilag Journal of Humanities, Vol.3(2), 52-66p.en_US
dc.identifier.issn2408-5030
dc.identifier.urihttps://ir.unilag.edu.ng/handle/123456789/3946
dc.language.isoenen_US
dc.publisherUniversity of Lagos Press, Akokaen_US
dc.relation.ispartofseriesUniversity of lagos Journal;Vol.3(2)
dc.subjectRegulationen_US
dc.subjectMicro-insuranceen_US
dc.subjectNational transformationen_US
dc.subjectNigeriaen_US
dc.subjectResearch Subject Categories::SOCIAL SCIENCESen_US
dc.titleMicro-insurance as a Socio-Economic Tool for National Transformation: A Legal Perspectiveen_US
dc.typeArticleen_US
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Volume 3, Issue 2 , 2016