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Insurance Act

This Act applies to all insurance business and insurers, other than insurance business carried on or by insurers of the following description- (a) a friendly society that is an association of persons established with no share for the purposes of aiding its members or their dependants where such association does not employ any person whose main occupation- (i) is the canvassing of other persons to become members of the association ; (ii) is the collecting of contributions or subscriptions towards the funds of the association from its members ; or b) a company or any other body (whether corporate or unincorporated) or person whose business is established outside Nigeria, engaged solely in reinsurance transactions with an insurer authorized or pursuant to the provisions of this Act to carry on any class of insurance business, but not otherwise however.

 

Tags: Insurance  Insurance Act 

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