Document background
The Insurance Letter of Agreement is a crucial document used in the Nigerian insurance market to formalize insurance arrangements between parties. It is typically employed when establishing new insurance coverage or modifying existing arrangements, providing a clear and legally compliant framework for the insurance relationship. The document must align with Nigerian insurance regulations, particularly the Insurance Act 2003 and NAICOM guidelines, and includes essential information such as coverage details, premium calculations, claims procedures, and compliance requirements. This type of agreement is fundamental in creating a legally binding insurance relationship while ensuring all parties understand their rights and obligations under Nigerian law.
