Nigerian Reinsurance Corporation Act

Arrangement of Sections

3. this Act relate only to the capacity of the Corporation as a statutory corporation, and

7. [Cap. N54.] .

10. Share capital of the Corporation, etc

11. General reserve fund

12. Liability of shareholder limited

13. Managing Director, Secretary, etc.

14. of that office, be the holder of the office of a director in any bank, corporation, company

15. members of the Board.

16. Accounts, returns and information

17. Miscellaneous and supplementary

18. of an offence and liable on conviction to imprisonment for a term of twelve months or to

19. Regulations

20. purposes of this Act.

21. “registered insurer” means, without prejudice to section 6 of this Act, any person

An Act to set up the Nigeria Reinsurance Corporation to undertake reinsurance

business within and outside Nigeria and matters related thereto.

[1977 No. 49.]

[1 st July, 1976]

[Commencement.]

Constitution and Functions of the Corporation, etc.

Establishment of the Nigeria Reinsurance Corporation

Corporation (in this Act referred to as “the Corporation”) which shall be constituted in

accordance with and shall have such powers and duties as are conferred on it by the following provisions of this Act.

and dispose of any property movable or immovable.

Functions of the Corporation

outside Nigeria, to carry on reinsurance of any class of insurance business, including life

insurance business, and to reinsure against loss of any kind arising from any risk or contingency in respect of any matter whatsoever.

[1988 No. 52.]

risk undertaken by the Corporation and for that purpose to enter into reinsurance contracts; and