Insurance Act

Arrangement of Sections

PART I - Application of this Act

1. Application of this Act.

2. Classification of insurance business.

PART II - Registration

3. Persons who may commence or carryon insurance business in Nigeria, etc.

4. Insurance to be registered.

5. Application for registration.

6. Registration as insurer.

7. Rejection of application or appeal.

8. Cancellation of registration and appeal.

PART III - Share Capital

9. Requirements as to minimum paid-up share capital.

10. Share capital to be deposited with the Central Bank.

PART IV - Modes of Operation of Insurers

11. Requirements as to principal office of insurer.

12. Disqualification for appointment as director, etc.

13. Appointment of chief executive subject to the approval of the Commission.

14. Change of chief executive to be notified to Commission.

15. Time for delivering policy documents, etc.

16. Approval for new products

17. Records to be kept by insurer

18. Records to be kept by reinsurer

19. Separation of accounts and reserves funds

20. Provisions for unexpected risks and claims

21. Contingency reserves

22. Reserve for life insurance

23. Reserve of reinsurers

24. Solvency margin, etc

25. Investment.

26. Statement of accounts, etc.

27. Life insurance accounts.

28. Audits.

29. Actuarial valuation.

PART V - Amalgamation and Transfer

30. Procedure for amalgamation.

31. Documents to be deposited with the Commission after amalgamation or transfer.

PART VI - Winding-up

32. Winding-up petition.

33. Prohibition of voluntary winding-up.

PART VII - Insurance Agents, Brokers and Loss Adjuster

34. Insurance agents.

35. Duties of insurers and agents inter se.

36. Insurance brokers to be registered.

37. Cancellation of registration of an insurance broker.

38. Requirement as to indemnity cover, staff, etc.

39. Suspension of registration.

40. Insurance broker to establish clients' account.