NATIONAL INSURANCE COMMISSION ACT

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NATIONAL INSURANCE COMMISSION ACT

CHAPTER N53 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004

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ARRANGEMENT OF SECTIONS

Part I: Establishment, Etc. of the National Insurance Commission and its Governing Board

1.     Establishment, etc. of the National Insurance Commission.

2.     Governing Board of the Commission.     

3.     Tenure of office.

4.     Removal from office.  

5.     Allowance of members of the Board.             

Part II: Objects, Functions

6.     Objects of the Commission.  

7.     Functions of the Commission.       

8.     Powers of the Commission.

9.     Powers of the Board.                          

Part III: Staff of the Commission

10.    Appointment of Commissioner of Insurance.   

11.    Appointment, etc. of Deputy Commissioners.  

12.    Disqualification for appointment as Commissioner

or Deputy Commissioner.

13.    Commissioner and Deputy Commissioners to be fully devoted to the service of the Commission.      

14.    Directors and other employees of the Commission.  

15.    Condition of service of staff.

Part IV: Financial Provisions

16.    Resources of the Commission.      

17.    Funds of the Commission.    

18.    Operating Fund.

19.    Education Fund. 

20.    Security and Development Fund.  

21.    General Reserve Fund.

22.    Power to accept gifts. 

23.    Annual estimates, accounts and audits.  

24.    Annual reports.

Part V: Collection of Levy from Insurers, etc.

25.    Returns for collection of levy.       

26.    Further Returns. etc.   

27.    Assessment by the Commission.

28.    Appeal to the Minister.

29.    Failure to pay sum due to or any installment thereof and recovery.    

30.    Offences under this Part.

Part VI: Supervision

31.    Establishment, etc. and staff of the Inspectorate Department.   

32.    Powers of inspectors.  

33.    Duty of Insurance Institution to produce books, etc. to Inspector.

34.    Report of Inspection.  

35.    Special Inspection.     

36.    Actuarial Investigation.

37.    Other Forms of Supervision: General.    

38.    Requirement about investment.    

39.    Power to obtain information and production of documents.

40.    Residual Powers to impose requirements to protect policy holders.                              

Part VII: Failing and Failed Insurers, etc.

41.    Failing insurance institutions.

42.    Control of failing insurance institutions.  

43.    Management of failing insurance institutions.

44.    Application for order for revocation of certificate of insurance institution.    

45.    Duty to notify insurance institution or person to be affected.     

46.    Application to the Federal High Court for Winding Up.

47.    Merger of failing insurance institutions.  

48.    Prosecution of Insurer by Failed Banks Tribunal.              

Part VIII: Miscellaneous

49.    Power to require for certain information.

50.    Power of entry and search.  

51.    Legal proceedings.

52.    Offences by Directors, etc. of Insurance Institutions, etc. 

53.    Directors, etc. contributing to failure, etc. of Insurance Institutions.   

54.    Inducement to acquire, etc. Insurance Business.

55.    Compounding of offences.   

56.    Recovering of sums involved in commission of offence.    

57.    Offences by body corporate.

58.    Jurisdiction and prosecution. 

59.    Obstruction of public officers.       

60.    Misrepresentation by public officers.

61.    Application of the Insurance Act 1997.   

62.    Power of the Minister to give directives. 

63.    Repeal, savings, etc. of 1989 No. 20.

64.    Regulations.       

65.    Interpretation.   

66.    Short Title

SCHEDULE — Supplementary provisions relating to the Board and the Commission.

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NATIONAL INSURANCE COMMISSION ACT 

An Act to establish the National Insurance Commission with responsibility, among other things, to ensure the effective administration, supervision, regulation and control of insurance business in Nigeria.

[1997 No. 1.]

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[COMMENCEMENT]                      [10^th January, 1997]

An Act to establish the National Insurance Commission with responsibility among other things to ensure the effective administration, supervision, regulation and control of insurance business in Nigeria.

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