National Insurance Commission Act, 1997 🇳🇬

Nigeria

Preface

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 of member of the Board

5. Allowances of members of the Board

Part II – Object, functions and powers

6. Object 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 for Insurance

11. Appointment, etc., of Deputy Commissioners

12. Disqualification for appointment as Commissioner or Deputy Commissioner

13. Commissioner and Deputy Commissioners to be full-time members

14. Directors and other employees of the Commission

+1 more sections

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

+4 more sections

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 or any instalment thereof and recovery

+1 more sections

Part VI – Supervision Inspection

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

+5 more sections

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

+3 more sections

Part VIII – Miscellaneous

49. Power to require certain information

50. Power of entry and search

51. Legal proceedings

52. Offences by directors, etc., of insurance institution, etc.

53. Directors, etc., contributing to the failure, etc., of insurance institutions

+13 more sections

Schedule (Section 2 (4))

Paragraph 1.

Paragraph 2.

Paragraph 3.

Paragraph 4.

Paragraph 5.

+10 more sections

National Insurance Commission Act, 1997

Published in Official Gazette supplement
Commenced on 10 January 1997
[This is the version of this document at 31 December 2002.]

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.

Part I – Establishment, etc., of the National Insurance Commission and its Governing Board

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

(1)There is hereby established, a body to be known as the National Insurance Commission (in this Act referred to as "the Commission").

(2)The Commission shall be a body corporate, with perpetual succession and a common seal and may sue and be sued in its corporate name.

(3)Subject to the Land Use Act and this Act, the Commission may acquire, hold or dispose of any movable or immovable property for the purpose of its functions under this Act.

2. Governing Board of the Commission

…

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National Insurance Commission Act, 1997 🇳🇬

Table of Contents

National Insurance Commission Act, 1997

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

Read the Full Legislation on judy.legal