WAEC - Insurance (2018 - No. 28)
The winding up of an insurance is legally required to be based on a petition written from not less than
30 policy holders
40 policy holders
50 policy holder
60policy holders
Explication
The Insurance Act 2003 provides for the liquidation of insurers on the petition of either 50 policyholders or the National Insurance Commission. Section 33 of the act prohibits the voluntary winding up of insurance businesses, except for the purpose of effecting an amalgamation, transfer or acquisition.