NIGERIAN REINSURANCE CORPORATION ACT

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Laws of the Nigerian Federation

NIGERIAN REINSURANCE CORPORATION ACT

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EXPLANATORY MEMORANDUM

This Act [which Section 7 has been repealed by the Insurance Act, 2004[ was enacted to set up the Nigeria Reinsurance Corporation to undertake reinsurance business within and outside Nigeria and matters related thereto.

ARRANGEMENT OF SECTIONS

1. Establishment of the Nigeria Reinsurance Corporation.
2. Functions of the Corporation.
3. Board of Directors.
4. Corporation not to be exempted from taxation, etc.
5. Directions by the Minister.
6. Extended application of the Insurance Act.
7. Compulsory reinsurance with the Corporation by registered insurers. [Repealed by the Insurance Act, 2004]
8. Recovery of unpaid premiums from registered insurer.
9. Duty of registered insurer to furnish information.
10. Share capital of the Corporation, etc.
11. General reserve fund.
12. Liability of share-holder limited.
13. Managing Director of the Corporation.
14. Secretary to the Corporation
15. Retirement benefit fund for the employees of the Corporation.
16. Accounts and audit.
17. False information.
18. Winding up the Corporation.
19. Regulations.
20. Interpretation.
21. Short title.

First Schedule – Supplementary provisions with respect to procedure at meetings, etc. of the Board

Second Schedule

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NIGERIA REINSURANCE CORPORATION ACT

An Act to set up the Nigeria Reinsurance Corporation to undertake reinsurance business within and outside Nigeria and matters related thereto.

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ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)