NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS ACT

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LAWS OF THE FEDERATION OF NIGERIA

NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS ACT

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EXPLANATORY MEMORANDUM

An Act to provide for the establishment of the Nigerian Council of Registered Insurance Brokers and for the transfer of all assets in custody of the Incorporated Association to the Council; and for related matters.

ARRANGEMENT OF SECTIONS

PART I – Establishment of the Council

1. Establishment of the Council.
2. Duties of the Council.

PART II – Governing Board of the Council, etc.

3. Governing Board.

PART III – Election of President, Deputy and Vice-Presidents of the Council 

4. Election of President, Deputy and Vice-Presidents.

PART IV – Registration of Insurance Brokers

5. Registration of Insurance Brokers.
6. Qualifications for Registration.
7. List of Bodies corporate carrying on business as Insurance Brokers.
8. Refusal of Insurance Brokers application by the Council.
9. Supplementary provisions to the Register and List.
10. Publication of Register and List.

PART V – Election of Honorary Fellows and Associates 

11. Election of Honorary Fellows and Associates.

PART VI – Executive Secretary and Other Staff

12. Executive Secretary and other staff.
13. Regulation of Professional Conduct.

PART VII – Fund of the Council

14. Fund of the Council.

PART VIII – Mode of Operation of Practising Insurance Broker and Enrolled Body Corporate

15. Requirement for carrying on business.
16. Preliminary investigation of disciplinary cases.
17. Disciplinary Committee.
18. Erasure from the Register and List for crime, unprofessional conduct, etc.
19. Restoration of names erased as a result of disciplinary cases, etc.
20. Erasure from Register and List on ground of fraud or error.
21. Appeals in disciplinary and other cases.
22. Procedure of Disciplinary Committee.
23. Assessors to Disciplinary Committee.
24. General power to appoint Committee.

PART IX – Restriction on Use of Titles and Descriptions

25. Penalty for pretending to be registered, etc.
26. Exceptions.
27. Offences by bodies corporate.
28. False statement.

PART X – Miscellaneous and General

29. Transfer of assets and liabilities.
30. Power of the Minister to give directives to the Council.
31. Regulations.
32. Fees and practising certificate.
33. Amendment of Act No. 22 of 1993.
34. Interpretation.
35. Citation.

SCHEDULES

FIRST SCHEDULE – Supplementary Provisions relating to the Governing Board

SECOND SCHEDULE – Transitional Provisions as to Assets and Liabilities 

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NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS ACT

An Act to provide for the establishment of the Nigerian Council of Registered Insurance Brokers and for the transfer of all assets in custody of the Incorporated Association to the Council; and for related matters.

[2003 No. 21.]

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[Commencement. ] [14th July, 2003]                

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