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Laws of the Federation Preview 60 min read

National Insurance Corporation of Nigeria Act

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Explanatory Memorandum: This Act [which Section 4 has been repealed by the Insurance Act, 2004] was enacted to establish the National Insurance Corporation of Nigeria, set out its functions, regulate its management and provide for other matters ancillary thereto.

Arrangement of Sections

Constitution and Functions of the Corporation

1. Establishment and constitution of the Corporation.

2. Board of Directors.

3. Composition of the Board of Directors, etc.

4. Functions of the Corporation.

5. Corporation not to be exempt from taxation, etc.

6. General directions.

7. Corporation deemed to be a registered insurer.

8. Duty of registered insurer to furnish information.

General financial provisions

9. Share capital of the Corporation, etc.

10. Liability of shareholder limited.

11. Declaration of dividend.

12. Loan of Two Hundred Thousand Naira to the Corporation.

13. Repayment of loan of Two Hundred Thousand Naira.

14. Borrowing powers.

15. Limit on borrowing.

16. General reserve fund.

17. Application of profits.

Provisions relating to staff

18. Officers and servants of the Corporation, etc.

19. Managing Director of the Corporation.

20. Secretary of the Corporation.

21. Retirement benefit fund for employees of the Corporation.

Accounts, Returns and Information

22. Accounts and audit.

23. Power of National Council of Ministers to give directions to auditors, etc.

24. Returns by the Corporation.

25. Power to call for information from the Corporation.

26. Limitation of suits against the Corporation, etc.

27. Service of documents.

28. Restriction on execution against the property of the Corporation

29. Indemnity of officers and servants of the Corporation.

Miscellaneous and General

30. False information.

31. Offences by body corporate.

32. Penalty for offences for which no other penalty is provided.

33. Application of Companies and Allied Matters Act.

34. Winding up of the Corporation.

35. Regulations.

36. Power of Board to make rules and by-laws.

37. Interpretation.

Schedule: Supplementary Provisions as to the Corporation and the Board

NATIONAL INSURANCE CORPORATION OF NIGERIA ACT

An Act to establish the National Insurance Corporation of Nigeria, set out its functions, regulates its management and provide for other matters ancillary thereto.

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