PART I
Establishment of the Council
SECTION
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
- Registration of Insurance Brokers.
- Qualifications for Registration.
- List of Bodies corporate carrying on business as Insurance Brokers.
- Refusal of Insurance Brokers application by the Council.
- Supplementary provisions to the Register and List.
- 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
- Executive Secretary and other staff.
- 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
SECTION
- Requirement for carrying on business.
- Preliminary investigation of disciplinary cases.
- Disciplinary Committee.
- Erasure from the Register and List for crime, unprofessional conduct, etc.
- Restoration of names erased as a result of disciplinary cases, etc.
- Erasure from Register and List on ground of fraud or error.
- Appeals in disciplinary and other cases.
- Procedure of Disciplinary Committee.
- Assessors to Disciplinary Committee.
- General power to appoint Committee.
PART IX
Restriction on Use of Titles and Descriptions
- Penalty for pretending to be registered, etc.
- Exceptions.
- Offences by bodies corporate.
- False statement.
PART X
Miscellaneous and General
- Transfer of assets and liabilities.
- Power of the Minister to give directives to the Council.
- Regulations.
- Fees and practising certificate.
- Amendment of Act No. 22 of 1993.
- Interpretation.
- Citation.
SCHEDULES
FIRST SCHEDULE
Supplementary Provisions relating to the Governing Board
SECOND SCHEDULE
Transitional Provisions as to Assets and Liabilities
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.]
[14th July, 2003]
[Commencement. ]
PART I
Establishment of the Council
1. Establishment of the Council
(1) There is established a body to be known as the Nigerian Council of Registered In-
surance Brokers (in this Act referred to as "the Council").
(2) The Council-
(a) shall be a body corporate;
(b) shall have perpetual succession and a common seal; and
(c) may sue and be sued in its corporate name.
2. Duties of the Council
The duties of the Council shall be to-
(a) establish and maintain a central organisation for Insurance Brokers;
(b) enrol insurance broking body corporate;
(c) secure in accordance with the provisions of this Act the establishment and
maintenance of a register of insurance brokers containing the names, addresses
and qualifications and such other particulars as may be prescribed of all per-
sons who having applied in the prescribed manner, are entitled under the provisions of this
Act to be registered and the publication, from time to time, of the lists of these persons
(d) encourage the dissemination of knowledge, education, practical training and
research into the profession;
(e) establish and maintain a library;
(f ) arbitrate or settle dispute or questions between members and other parties and
discipline of members;
(g) do such things from time to time aimed at elevating the status of Insurance
Brokers and the protection of their interests and procure their general efficiency
and proper professional conduct; and
(h) perform through the Governing Board established by section 3 (1) of this Act
the functions conferred on it.
PART II
Governing Board of the Council, etc.
- Governing Board
(1) There is established for the Council a Governing Board (in this Act referred to as
"the Board") which shall be charged with the administration and general management of
the Council.
(2) The Governing Board shall consist of the following members-
(a) the President of the Council who shall be the Chairman;
(b) the Deputy and Vice-Presidents of the Council;
(c) a representative of the Federal Ministry responsible for Insurance matters not
below the rank of a Director;
(d) a representative of the Federal Ministry of Education not below the rank of a Director;
(e) a representative of the National Insurance Commission not below the rank of a Director;
(f) past Presidents of the Corporation;
(g) not more than eight other elected members;
(h) not more than six Chairmen of the Council Area Committees;
(i) the Executive Secretary of the Council who shall also be the Chief Executive
Officer of the Council; and
(j) other members not exceeding two as may be co-opted by the Governing Board.
(3) The Chairman and members of the Board shall be elected at the annual general
meeting of the Council.
(4) The provisions of the First Schedule to this Act shall have effect with respect to
the qualifications and tenure of office of members of the Council and other matters.
[First Schedule.]
(5) Regulations made by the Council with the approval of the Minister may provide
for an increase or reduction in members of the Board and may make such amendments to
subsection (2) of this section and the Schedules to this Act as the Minister considers
expedient for the purposes of or in consequence of the increase or reduction.
PART III
Election of President, Deputy and Vice-Presidents of the Council
- Election of President, Deputy and Vice-Presidents
There shall be for the Council-
(a) a President;
(b) a Deputy President; and
(c) a Vice-President,
who shall be elected for a term of one year and may be re-elected for another term only.
PART IV
Registration of Insurance Brokers
- Registration of Insurance Brokers
(1) The Council shall establish and maintain a register of Insurance Brokers in this
Act referred to as "the Register").
(2) The Register shall contain names, addresses, qualifications and other particulars
as may be prescribed, of all persons who are entitled under the provisions of this Act to
be registered and applied in the prescribed manner to be so registered.
(3) No person shall be registered by the Council as a registered Insurance Broker un-
less he satisfies the provision of section 6 of this Act.
- Qualifications for Registration
(1) Subject to subsection (2) of this section, a person for registration shall be entitled
to be registered as a broker if he satisfies the Council-
(a) that he is an associate of the Chartered Insurance Institute of Nigeria or
identical body outside Nigeria and recognised by the Institute;
(b) that he possesses a certificate issued by the Council after passing examination
prescribed by the Council for Insurance Brokers; or
(c) that he possesses the certificate of the Chartered Insurance Institute of Nigeria
as an Insurance Broker and is a Chief Executive of an insurance broking company registered under
the Insurance Decree, 1997 and held such a position before coming into force of this Act.
(2) A person shall not be entitled to be registered in the Register by virtue of subsection (1) above unless to also
satisfies the Council-
(a) as to his character and suitability to be a registered Insurance Broker; and
(b) that he has had five years practical experience in the insurance industry.
(3) A registered Insurance Broker shall be eligible to use the title "Registered Insurance Brokers".
(4) Subject to the provisions of this Act and rules made by the Council, members of
the Council shall be classified into four categories-
(a) fellows;
(b) associates;
(c) ordinary members; and
(d) student members.
(5) Persons awarded any of the titles stipulated in this section shall be entitled to use
the initials "FCIB" (Fellow, Council of Registered Insurance Brokers) "ACIB" (Associate Council
of the Registered Insurance Brokers) as the case may be.
- List of Bodies corporate carrying on business as Insurance Brokers
(1) The Council shall establish and maintain a list of bodies corporate carrying on
business as Insurance Brokers (in this Act referred to as "the List") containing the names,
principal places of business and such other particulars as may be prescribed by the
Council.
(2) Subject to subsection (3) of this section and section 15 (1) of this Act, a body corporate shall
be entitled to be enrolled in this List if it satisfies the Council that-
(a) at least one partner or director is a registered Insurance Broker; and
(b) it is a limited liability company incorporated in Nigeria.
(3) An enrolled body corporate shall be eligible to use the title of "Incorporated
Registered Insurance Brokers".
(4) Enrolment in the List shall be a condition precedent to the licensing of a body
corporate by the National Insurance Commission.
- Refusal of Insurance Brokers application by the Council
(1) An application for registration under section 5 of this Act or an application for enrolment under
section 6 of this Act shall not be refused unless the Council gives the person by whom or the body
corporate by which the application was made an opportunity to
appear before it, and be heard by a Committee of the Council.
(2) Where the Council refuses any such application within seven days of its decision,
it shall notify the applicant of its decision.
(3) A person or body corporate whose application is so refused may within twenty-
eight days from the date of notification of the decision, appeal against the decision in a
court.
(4) On hearing such appeal the Court may make such order or orders as it thinks fit
and the order shall be final.
- Supplementary provisions to the Register and List
(1) The Register and List shall be kept by the Executive Secretary of the Council who
shall be appointed by the Council.
(2) The Council may make rules with respect to the form and manner of keeping the
Register and List and the making of entries and alterations and in particular-
(a) regulate the making of applications for registration of enrolment;
(b) notify the Executive Secretary of any change in the particulars required to be
entered in the Register or List;
(c) prescribe a fee to be charged on the entry of a name in, or the restoration of a
name to, the Register or List;
(d) prescribe a fee to be charged in respect of the retention in the Register or List
of any name in any year subsequent to the year in which that name was first
entered in the Register or List;
(e) provide for the entry in the Register of qualifications (whether approved qualifications or not)
possessed by person whose names are registered and for the removal of such qualifications from
the Register, and prescribing a fee to be charged in respect of the entry
(f) authorise the Executive Secretary to refuse to enter a name in, or restore it to,
the Register or List until a fee prescribed for the entry or restoration has been
paid and to erase from the Register or List the name of a person who or body
corporate which, after the prescribed notices and warnings, fails to pay the fee
prescribed in respect of the retention of that name in the Register or List;
(g) authorise the Executive Secretary to erase from the Register or List the name
of a person who or body corporate which, after the prescribed notices and
warnings, fails to supply information required by the Executive Secretary with
a view to ensuring that the particulars entered in the Register or List are
correct; and
(h) prescribe anything required or authorised by the provisions of this Act relating
to the Register or List.
(3) Rules under this section which provide for the erasure of a name from the Register or List on
failure to pay a fee shall provide for its restoration on the making of the
prescribed application in that behalf and on payment of that fee and any additional fee
prescribed in respect of the restoration.
(4) Rules under this section prescribing fees may provide for charges of different fees
in different classes of cases and for the making of arrangements for the collection of fees
with such body or bodies as may be prescribed.
10. Publication of Register and List
(1) The Council shall cause the Register and List to be printed and published within
one year of the establishment of the Council and as often as it thinks fit.
(2) Where the Register or List is not published in any year after the first publication,
the Council shall cause any alterations in the entries in the Register or List which have
been made since the last publication to be printed and published within that year.
(3) A copy of the Register or List purporting to be printed and published by the
Council, shall as altered by any alterations purporting to be printed and published by the
Council, be evidence in all proceedings that the individuals specified in the Register are
registered or, as the case may be, that the bodies corporate specified in the List are en-
rolled; and the absence of the name of any individual or body corporate from any such
copy of the Register or List shall be evidence, until the contrary is shown, that he is not
registered or, as the case may be, that it is not enrolled therein.
(4) In the case of an individual whose name or a body corporate the name of which
does not appear in any such copy of the Register or List as altered, a certified copy, under
the hand of the Executive Secretary of the entry relating to that individual or body corporate in
the Register or List shall be evidence of the entry.
PART V
Election of Honorary Fellows and Associates
11. Election of Honorary Fellows and Associates
(1) The Council may elect as an Honorary Fellow or Honorary Associate, a person
who in its opinion, has rendered exceptional service and contribution to the insurance broking profession.
(2) A person awarded any title stated in subsection (1) of this section shall be entitled
to use the initials "FClB" (Fellow, Council or ACIB Associate, Corporation of Registered
Insurance Brokers) as the case may be.
PART VI
Executive Secretary and Other Staff
12. Executive Secretary and other staff
(1) There shall be for the Council a fit and proper person who shall be the Executive
Secretary of the Corporation and such other staff as the Corporation may, from time to
time deem necessary.
(2) The Executive Secretary shall, in addition to his other functions under this Act be
the Secretary to the Council and shall on the instructions of the President of the Corpora-
tion or any Committee of the Council convene meetings of the Council or any Committee
and keep minutes of proceedings at all such meetings as the case may be.
(3) The Council may, whenever the Executive Secretary is absent or for any other
reason unable to discharge the functions of his office appoint an acting Executive Secretary to discharge those functions.
(4) The Executive Secretary and other staff of the Corporation shall hold office on
such conditions as the Council may determine.
13. Regulation of Professional Conduct
(1) The Council shall provide guidelines to regulate the conduct of members and may
from time to time remove such guidelines.
(2) Subject to the provisions of subsection (1) of this section, any code of ethics and
practice applicable in the Nigerian Insurance Industry the formulation of which the
Council is a party, shall be required to be adhered to or complied with by registered
Insurance Brokers and bodies corporate registered or as the case may be, listed under this
Act.
PARTY VII
Fund of the Council
14. Fund of the Council
(1) There shall be established for the Council a fund which shall be managed and
controlled by the Council.
(2) There shall be paid and credited into the Fund-
(a) all fees and other moneys payable to the Council; and
(b) such moneys as are held by the Nigerian Council of Insurance Brokers incorporated.
(3) There shall be paid out of the Fund-
(a) all expenditure incurred by the Council in the discharge of its functions under this Act;
(b) the remuneration and allowances of the Executive Secretary and other employees of the Council; and
(c) such reasonable travelling and subsistence allowances of members of the
Council in respect of the time spent on duties of the Council as the Council may determine.
(4) The Council may invest moneys in the Fund in any security created or issued by
or on behalf of the Federal Government or in any other securities in Nigeria approved by
the Council.
(5) The Council may, from time to time, borrow money for the purposes of the
Council and any interest payable on moneys so borrowed shall be paid out of the Fund.
(6) The Council shall keep proper accounts on behalf of the Council in respect of
each year and proper records in relation to those accounts; and the Council shall cause the
accounts to be audited by an auditor and when audited, the accounts shall be submitted to
the members of the Council for approval by them at a meeting of the Council.
(7) The auditor, appointed for the purposes of this section, shall not be a member of
the Council.
PART VIII
Mode of Operation of Practising Insurance Broker and
Enrolled Body Corporate
15. Requirement for carrying on business
(1) The Council may make rules requiring registered Insurance Brokers (in this Act
referred to as "Practising Insurance Brokers") and enrolled bodies corporate to ensure
that-
(a) their businesses have a working capital of not less than N5 million, made up of
verifiable movable and immovable assets and cash in proportion as the Council
may decide;
(b) they maintain a professional indemnity cover of not less than N10 million
or 50 percent of their annual brokerage income for the preceding year, which-
ever is greater;
(c) the number of insurance companies with which they place insurance businesses and
the amount of insurance business which they place with each insurance company, is such as to prevent their
business from becoming unduly dependent on any particular insurance company;
(d) they open and keep clients' accounts at banks for money received by them for
or on behalf of persons with whom they do business;
(e) they keep such accounting records showing the transactions of their businesses
as may be prescribed;
(f) they do not hold directly or indirectly financial interest-
(i) in excess of 10 percent in any reinsurance company; or
(ii) in a loss adjusting company in Nigeria;
(g) they pay to the appropriate insurer any premium collected by them not later
than 30 days of collecting the premium.
(2) A practising Insurance Broker or an enrolled body corporate shall keep records of
all insurance businesses handled by them and, for the purposes of this section, separate
records shall be kept by the practising Insurance Broker or enrolled body corporate with
respect to-
(a) insurance business entered into with insurers registered in Nigeria; and
(b) insurance business entered into with persons outside Nigeria.
(3) A practising Insurance Broker and enrolled body corporate shall-
(a) keep accounting records which shall show and explain the business transacted
by the practising Insurance Broker or enrolled body corporate and disclose his or its financial position; and
(b) ensure that the accounting records kept under subsection (1) of this section
gives a true and fair view of his or its business at the accounting date.
(4) A practising Insurance Broker or enrolled body corporate who contravenes the
provisions of this section commits an offence and is liable on conviction to a fine of N50,000.00.
16. Preliminary investigation of disciplinary cases
(1) The Council shall set up a panel to be known as the Investigating Panel, for the
preliminary investigation of cases in which-
(a) it is alleged that a registered Insurance Broker or enrolled body corporate is
liable to have his or its name erased from the Register or List on any ground
specified in section 17; or
(b) a complaint of unprofessional conduct is made to the Council by or on behalf
of a member of the public against a registered Insurance Broker or an enrolled
body corporate or an employee of an enrolled body corporate;
(c) any such case is referred to as "a disciplinary case".
(2) (a) A disciplinary case shall be referred to the Investigation Panel, which shall
carry out a preliminary investigation.
(b) Where the Panel is satisfied that there is sufficient evidence to support a
finding that the registered Insurance Broker or enrolled body corporate is liable to have
his or its name erased from the Register or List, the Panel shall refer the case, with the
results of its investigation to the Disciplinary Tribunal set up under this Act.
(3) The Council shall make rules as to the constitution of the Investigation Panel.
17. Disciplinary Committee
(1) The Council shall set up a committee to be known as the Disciplinary Committee
for the consideration and determination of disciplinary cases referred to it under section 12
and of any other cases of which it has cognisance under the provisions of this Act.
(2) The Council shall make rules as to the constitution of the Disciplinary Commit-
tee, the time and place of the meetings of the Committee, the quorum and the mode of
summoning members.
(3) Rules under this section shall ensure that a person other than the Chairman of the
Council who has acted on any disciplinary case does not act in relation to that case as a
member of the Disciplinary Committee.
18. Erasure from the Register and List for crime, unprofessional conduct, etc.
(1) Where a registered Insurance Broker or enrolled body corporate is-
(a) convicted by any court in Nigeria of any criminal offence being an offence
which owing to its nature or the circumstances under which it was committed,
does not render him or it fit to have his or its name on the Register or List; or
(b) judged by the Disciplinary Committee to have been guilty of professional misconduct,
the Disciplinary Committee may, if it thinks fit, direct that the name of the Insurance
Broker or body corporate be erased from the Register or List.
(2) If it appears to the Disciplinary Committee that a registered Insurance Broker or
enrolled body corporate has contravened or failed to comply with Decree 2 of 1997, or
any rule made under the Insurance Decree No.2 of 1997 and that the contravention or
failure is such as to render the Insurance Broker unfit to have his name on the Register or
the body corporate unfit to have its name on the List, the Disciplinary Committee may, if
it thinks fit, direct that the name of the Insurance Broker, or body corporate be erased
from the Register or List.
(3) Where-
(a) the name of a partner of an enrolled body corporate is erased from the Register
under subsection (l) of this section; or
(b) a partner of any such body corporate is convicted of an offence under this
Act; or
(c) the name of a registered Insurance Broker employed by any such body corpo-
rate is erased from the Register under subsection (l) of this section and the act
or omission constituting the ground on which it was erased was instigated or
connived at by a partner of the body corporate, or if the act or omission was a
continuing act or omission, a partner of the body corporate had, or reasonably
ought to have had knowledge of the continuance, the Disciplinary Committee
may, if it thinks fit, direct that the name of the body corporate be erased from
the List: Provided that the Disciplinary Committee shall not take a case into
consideration during any period within which proceedings by way of appeal
may be brought which may result in this subsection being rendered inapplicable
while any such proceedings are pending.
(4) If the Disciplinary Committee is of the opinion as respects an enrolled body corporate that the
conditions for enrolment is section 6 of this Act are no longer satisfied, the
Disciplinary Committee may, if it thinks fit, direct that the name of the body corporate be
erased from the List.
(5) Where a registered Insurance Broker dies while he is a partner of an enrolled
body corporate, he shall be deemed for the purpose of subsection (4) above to have continued to
be a partner of that body until the expiration of a period of six months, beginning with the date of his death.
(6) Where the Disciplinary Committee directs that the name of an individual or body
corporate shall be erased from the Register or List, the Executive Secretary shall serve on
that individual or body a notification of the direction and a statement of the Committee's
reasons.
(7) A body corporate whose name has been erased from the List shall have its certificate of registration
revoked by the National Insurance Commission.
(8) A body corporate who, through disciplinary action or otherwise has the number of
its partners reduced to one shall immediately appoint an additional partner provided that
if the body corporate remains for 12 months with one partner the name of the body corpo-
rate shall be erased and its certificate of registration revoked by the National Insurance
Commission.
19. Restoration of names erased as a result of disciplinary cases, etc.
(l) Where the name of an individual or body corporate has been erased from the Register or List in
pursuance of a direction under section 18, the name of that individual or
body corporate shall not again be entered in the Register or List unless the Disciplinary
Committee on application made to it in that behalf otherwise directs.
(2) An application under subsection (1) of this section for the restoration of a name in
the Register or List shall be made to the Disciplinary Committee-
(a) within ten months of the date of erasure; or
(b) within ten months of a previous application.
20. Erasure from Register and List on ground of fraud or error
(1) Where it is proved to the satisfaction of the Disciplinary Committee that any entry
in the Register or List has been fraudulently or incorrectly made, the Disciplinary Committee
may, if it thinks fit, direct that the entry be erased from such Register or List.
(2) An individual may be registered or a body corporate enrolled in pursuance of this
Act notwithstanding that his or its name has been erased under this section.
(3) When it is so erased on the ground of fraud, that individual or body corporate
shall not be registered or enrolled except on an application in that behalf to the Disciplinary
Committee and on any such application, the Disciplinary Committee may, if it
thinks fit, direct that the individual or body corporate shall not be registered or enrolled,
or shall not be registered or enrolled until the expiration of such period as may be specified in the direction.
(4) Where the Disciplinary Committee directs that the name of an individual or body
corporate shall be erased from the Register or List under this section, the Executive Secretary
shall serve on that individual or body a notification of the direction and a statement
of the Committee's decision.
21. Appeals in disciplinary and other cases
(1) Where the Secretary of the Committee serves a notice on an individual or a body
corporate of the decision that his or its name be erased from the List or Register, such
individual or body corporate may appeal such decision before a court.
(2) The Council may appear as respondent on any such appeal and for the purpose of
enabling directions to be given as to the costs of any such appeal the Council shall be
deemed to be a party whether it appears at the hearing of the appeal or not.
(3) Where no appeal is brought against a direction under section 20 or section 21 of
this Act or where such an appeal is brought but withdrawn or struck out for want of
prosecution, the direction shall take effect on the expiration of the time for appeal or, as
the case may be, on the withdrawal or striking out of the appeal.
(4) Where an appeal is brought against a direction under either of those sections, the
direction shall take effect when the appeal is dismissed and not otherwise.
22. Procedure of Disciplinary Committee
(1) For the purpose of any proceedings before the Disciplinary Committee, the
Committee may administer oaths, on any party to the proceedings may issue out writs of
subpoena ad testificandum ad tecum, but no person shall be compelled under any such
writs to produce any document which he could not be compelled to produce on the trial
of an action.
(2) The Council shall make rules as to the procedures to be followed and the rules of
evidence to be observed in proceedings before the Disciplinary Tribunal, and in
particular-
(a) ensure that the notice that the proceedings are to be brought shall be given, at
such time and in such manner as may be specified in the rules, to the individual or body corporate
alleged to be liable to have his or its name erased from the Register or List;
(b) ensure that any party to the proceedings shall, if he so requires, be entitled to
be heard by the Disciplinary Committee;
(c) enable any party to the proceedings to be represented by counsel or solicitor or
(if the rules so provide and the party so elects) by a person of such other description as may be specified in the rules;
(d) require proceedings before the Disciplinary Committee to be held in public
except in so far as may be provided by the rules;
(e) enquire, in cases where it is alleged that a registered Insurance Broker or en-
rolled body corporate has been guilty of unprofessional conduct, and the Disciplinary Committee
finds that the allegation has not been proved, it shall record a finding that the registered Insurance
Broker or body corporate is not guilty of such conduct in respect of the matters to which the allegation relates
(f ) require in cases where it is alleged that a registered Insurance Broker or enrolled body corporate is
liable to have his or its name erased from the Register or List under section 19 (2) of this Act and where the Disciplinary
Committee judges that the allegation has not been proved, it shall record a finding that the registered Insurance Broker
or body corporate is not guilty of the matter alleged.
23. Assessors to Disciplinary Committee
(1) For the purpose of advising the Disciplinary Committee on question of law arising
in proceedings before it, there shall in all such proceedings be an assessor to the Disciplinary Committee who shall
be a legal practitioner of not less than ten years standing.
(2) The power of appointing assessors under this section shall be exercisable by the
Council, but if no assessor appointed by it is available to act at any particular proceedings, the Disciplinary
Committee may appoint an assessor under this section to act in the
proceedings.
(3) Subject to the provisions of this section, an assessor under this section may be appointed either
generally or for any particular proceedings or class of proceedings, and
shall hold and vacate office in accordance with the terms of the instrument under which
he is appointed.
(4) Any remuneration paid by the Council to persons appointed to act as an assessor
shall be at such rate as the Council may determine.
24. General power to appoint Committee
(1) The Council may set up a Committee for any purpose (other than a purpose for
which the Council is required to set up a Committee under this Act) and may delegate to
any such Committee-
(a) the power to make rules under this Act;
(b) any functions expressly conferred by this Act on any Committee set up under this section.
(2) The number of members of a Committee set up under this section and their term
of office shall be fixed by the Council.
(3) A Committee set up under this Act may include persons who are not members of
the Council, but at least two-thirds of the members of every such Committee shall be
members of the Council.
(4) Every member of a Committee set up under this Act who at the time of appointment was a
member of the Council, also ceases to be a member of the Committee.
PART IX
Restriction on Use of Titles and Descriptions
25. Penalty for pretending to be registered, etc.
(1) Any person who wilfully-
(a) takes or uses any style, title or description which consists of or includes the
expression "Registered Insurance Broker" when he is not registered in the
Register; or
(b) takes or uses any name, title, addition or description falsely implying, or otherwise pretend,
that he is registered in the Register,shall be liable on summary conviction to a fine not exceeding N50,000.00
or imprisonment for three months or both.
(2) Any body corporate which wilfully-
(a) takes or uses any style, title or description which consists of or includes the
expression "Insurance Broker" when it is not enrolled in the List; or
(b) takes or uses any name, title, addition or description falsely implying, or other-
wise pretends, that it is enrolled in the List,
shall be liable on summary conviction to a fine not exceeding N100,000.00.
(3) Reference in this section to the expression "Insurance Broker" includes references
to the following related expressions that is to say "Assurance Broker", "Reinsurance Broker" and "Reassurance Broker".
26. Exceptions
(1) Where a practising Insurance Broker dies, the Council may, during the period of
three months beginning from his death or such period direct that section 25 shall not operate to prevent
his personal representatives, his surviving spouse or any of his children
from taking or using in relation to his business, but in conjunction with the name in
which he carried on, any title which he was entitled to take or use immediately before his
death.
(2) Where a practising Insurance Broker becomes bankrupt, the Council may during
the period of three months beginning from the time of bankruptcy or such other period
direct, that section 25 shall not operate to prevent his trustee or assignee in bankruptcy
from taking or using in relation to his business, but in conjunction with the name in
which he carried on, any title which he was entitled to take or use immediately before the
bankruptcy.
27. Offences by bodies corporate
Where an offence under this Act is committed by a body corporate and is proved to
have been committed with the consent of, or connivance of or is attributable to any negligence
on the part of, any partner, director, manager, secretary or other similar officer of
the body corporate, or any person purporting to act in any such capacity, he as well as the
body corporate shall be deemed to be guilty of the offence and may be proceeded against
and punished.
28. False statement
Any person who, for the purpose of procuring the registration of any name, qualification or other matters-
(a) makes a statement which he believes to be false; or
(b) recklessly makes a statement which is false,commits an offence and is liable on conviction to a
fine not exceeding N 20,000.00 or imprisonment for three months or both.
PART X
Miscellaneous and General
29. Transfer of assets and liabilities
(1) From the commencement of this Act-
(a) all assets and liabilities held or incurred immediately before that day by or on
behalf of the Incorporated Association shall, by virtue of this Act and without
any further assurance vest in the Council and be held by it for the purposes of the Council;
(b) subject to subsection (2) of this section, any act or thing made or done by the
Incorporated Association shall be deemed to have been made or done by the Council.
(2) The provisions of the Second Schedule to this Act shall have effect with respect
to matters arising from the transfer by this section to the Council of the property of the
Incorporated Association and with respect to the other matters.
[Second Schedule.)
30. Power of the Minister to give directives to the Council
The Minister may give to the Council, directives of a general character or relating
generally to particular matters (but not to any individual person or case) with regard to
the exercise by the Council of its functions and the Council shall comply with the
directives.
31. Regulations
(1) The Council may, with the approval of the Minister, make regulations generally
for the purpose of this Act and any regulations so made shall be published in the Gazette
as soon as practicable and a copy of any such regulations shall be sent to the Minister not
later than seven days before they are so published.
(2) Rules made for the purposes of this Act shall be subject to confirmation by the
Council at its next general meeting or at any special meeting of the Council convened for
the purpose, and if the general meeting refuses to confirm such rules shall cease the have
effect on the day after the date of refusal, but without prejudice to anything done in pursuance of any such rules.
32. Fees and practising certificate
The Council may make rules for-
(a) prescribing the amount and date for payment of the annual subscription and for
such purpose, different amounts may be prescribed by the rules according to
the category of membership;
(b) prescribing the form of certificate to practice to be issued annually or, if the
Council thinks fit, by endorsement on an existing certificate; and
(c) prescribing the form and use of the Council's logo.
33. Amendment of Act No. 22 of 1993
(1) The word "broking" appearing in section 2 (5) of Chartered Insurance Institute of
Nigeria Act of 1993 is hereby deleted.
(2) Section 36 of the Insurance Act, 1997 is amended by deleting subsection (3) and
substituting the following new subsection-
"(3) If the Commission is satisfied that the applicant is a listed body corporate within
the meaning of the Nigerian Council of Registered Insurance Brokers Act, 2003".
34. Interpretation
In this Act-
"Auditor" means a person enrolled or registered as an accountant pursuant to any enactment in Nigeria;
"Board" means the Governing Board of the Council established under section 3 of
this Act;
"body corporate" means an association of person or partnership duly registered
under Part B of the Companies and Allied Matters Act, No. 1 of 1990;
"Council" means the Nigerian Council of Registered Insurance Brokers established
under section 1 of this Act;
"employee" in relation to a body corporate, includes a director of the body corporate
and shall be construed accordingly;
"enrolled" means enrolled in the List and "enrolment" shall be construed accordingly;
"Executive Secretary" means the Executive Secretary of the Council appointed under section 12 (1) of this Act;
"fees" includes annual subscription;
"functions" includes powers and duties;
"Incorporated Association" means the Nigerian Corporation of Insurance Brokers
incorporated under the Companies and Allied Matters Act, 1990;
"Insurance Broker" means a registered Insurance Broker or enrolled body corporate
and includes reinsurance broker;
"Insurer" or "Insurance Company" means a company which is carrying on insurance risk and
is registered under the Insurance Act, 1997 for the purpose and includes a
reinsurer;
"List" means the List of bodies corporate carrying on business as Insurance Brokers;
"member of the Corporation" means a person registered by the Corporation as a
Registered Insurance Broker and "membership of the Corporation" shall be construed
accordingly;
"Minister" means the Minister charged with responsibility for matters relating to
Insurance and "Ministry" shall be construed accordingly;
"Panel" has the meaning assigned to it by section 16 of this Act;
"Practising Insurance Broker" means a registered Insurance Broker who is carrying
on business as an Insurance Broker;
"prescribed" means prescribed rules under this Act;
"President", "Deputy President" and "Vice-President" means respectively the office holder under those names in the Council;
"profession" means the profession of insurance broking; and
"Register" means the register of Insurance Brokers and "registered" and "registration" shall be construed accordingly.
35. Citation
This Act may be cited as the Nigerian Council of Registered Insurance Brokers
Act, 2003.
SCHEDULES
FIRST SCHEDULE
[Section 3 (4).]
Supplementary Provisions relating to the Board
1. Supplementary provisions relating to the Governing Board, qualifications and tenure
of office of members
(1) Subject to the provisions of this paragraph, a member of the Governing Board shall
hold office for a period of three years commencing from the date of his appointment or
election.
(2) The President, Deputy President and Vice-President shall each hold office for a
period of one year subject to a re-election for another one year such that no person shall hold
the office of President for more than two consecutive years.
(3) In the case of a person who is a member by virtue of having been the President of the
Council, he shall retain his membership of the Governing Council without limitation as to
duration.
(4) The Executive Secretary as a member of the Governing Board shall have no voting
right and shall relinquish his membership of the Governing Board upon the determination of
his contract of appointment.
(5) Any member of the Council who ceases to be member thereof shall, if he is also a
member of the Governing Board, cease to build office on the Governing Board.
(6) Any member may, by notice in writing under his hand addressed to the President of
the Council, resign his office.
(7) Any person who retires from or otherwise ceases to be an elected member of the
Governing Board shall be eligible again to become a member of the Governing Board by re-
election and any appointed member may be reappointed.
(8) Election to the Governing Board shall be held in such manner as may be prescribed
by rules made by the Governing Board, and until so prescribed, they shall be decided by secret
ballot.
(9) If for any reason there is a vacation of office by a member and-
(a) such member was appointed, the person or body that appointed him shall
appoint another fit and proper person to replace such member; or
(b) such member was elected, the Governing Board may, if the time between the
unexpired portion of the term of office and the next general meeting of the
Council appears to warrant the filling of the vacancy, co-opts some fit and
proper person for such time.
2. Powers of the Governing Board, etc.
The Governing Board shall have power to do anything which in its opinion is calculated
to facilitate the carrying on of the activities of the Council.
3. (1) Subject to the provisions of this Act, the Governing Board may in the name of the
Council make standing orders regulating the proceedings of the Council, the Governing Board
or any of their Committees.
(2) The standing orders shall provide for decision to be taken by majority of the members, and,
in the event of equality of votes, the President of the Council or the Chairman, as
the case may be, shall have a second or casting vote.
(3) Standing orders made for a committee shall provide that the Committee reports back
to the Governing Board on any matter referred to it by the Council.
(4) The quorum of the Governing Board shall be seven and the quorum of a Committee
of the Council shall be determined by the Council.
5. Meeting of the Council
(1) The Governing Board shall convene the general meeting of the Council once in
every year on such day as the Governing Board may, from time to time, appoint, so however
that if the meeting is not held within one year after the previous meeting, not more than fifteen
months shall elapse between the respective dates of the two meetings.
(2) A special general meeting of the Council may be convened by the Governing Board at any time,
and if not less than 20 members of the Council require it by notice in writing addressed to the Executive
Secretary of the Council setting out the objects of the proposed meeting, the Chairman of the Governing
Board shall convene a special meeting of the Council.
(3) The quorum of any meeting of the Council shall be 10 members and that of any special meeting
of the Council shall be 15 members.
6. Meeting of the Governing Board
(1) Subject to the provisions of any standing orders of the Governing Board, the Governing Board shall
meet whenever it is summoned by the Chairman; and if the Chairman is
required to do so by notice in writing given to him by not less than seven other members, he
shall summon a meeting of the Governing Board to be held within seven days from the date
on which the notice is given.
(2) At any meeting of the Governing Board, the President or in his absence the Deputy
President or the Vice-President shall preside, but if all of them are absent, the members pre-
sent at the meeting shall appoint one of their members to preside at the meeting.
(3) Where the Governing Board desires to obtain the advice of any person on a particular matter,
the Governing Board may co-opt him as a member for such period as the Governing Board thinks fit;
but a person who is a member by virtue of this subparagraph shall not be entitled to vote at any meeting
of the Governing Board and shall not count towards a quorum.
(4) Any member of the Council or of the Governing Board, and any person holding office on a committee
of the Governing Board, who has a personal interest in any contract or
arrangement entered into or proposed to be considered by the Governing Board on behalf of
the Council, or on behalf of the Governing Board or a Committee thereof shall forthwith disclose his interest
to the President or to the Governing Board, as the case may be, and shall not
vote on any question relating to the contract or arrangement.
SECOND SCHEDULE
[Section 29 (2).]
Transitional Provisions as to Assets and Liabilities
1. Transfer of assets and liabilities
(1) Every agreement to which the Incorporated Association was a party immediately be-
fore the commencement of this Act, whether in writing or not and whether or not of such a
nature that the rights, liabilities and obligations thereunder could be assigned by the Incorporated Association,
shall, unless its terms or subject matter make it impossible that it should
have effect as modified in the manner provided by these subparagraphs, have effect from the
commencement of this Act so far as it relates to assets and liabilities transferred by this Act to
the Corporate, as if-
(a) the Council had been party to the agreement;
(b) for any reference (however worded and whether expressed or implied) to the
Incorporated Association, there were substituted as respects anything failing to
be done on or after the commencement of this Act a reference to the Council;
(c) for any reference however worded to a member or members of the Governing
Council of the Incorporated Association or an officer of the Incorporated, there
were substituted, as respect anything failing to be done on or after the commencement of this Act, a
reference to a member or members of the Governing Board under this Act.
(2) Other documents which refer, whether specially or generally, to the Incorporated
Association shall be considered in accordance with subparagraph (1) of this paragraph so far
as applicable.
(3) Without prejudice to the generality of the foregoing provisions of this Schedule,
where, by the operation of section 2 of this Act, any right, liability or obligation vest in the
Council, the Council and all other persons shall, as from the commencement of this Act have
the same rights, powers and remedies (and, in particular, the same rights as to the taking or
resisting of legal proceedings or the making or resisting of applications to any authority) for
ascertaining, perfecting or enforcing that right, liability or obligation as they would have if it
had at all times been a right, liability or obligation of the Council.
(4) Any legal proceedings or application to any authority pending on the commencement of this
Act by or against the Incorporated Association and relating to assets or liabilities
transferred by this Act to the Council may be continued on or after that day by or against the
Council.
2. On the commencement of this Act, any person holding any paid appointment in the Incorporated
Association shall hold corresponding appointment in the Council on the same terms
and conditions as to tenure and otherwise but shall not be entitled to receive remuneration
both from the Incorporated Association and from the Council in respect of the same period of
service.
3. If the law in force at the place where any property transferred by this Act is situate provides for the
registration or transfer of property of the kind in question (whether by reference
to an instrument of transfer or otherwise), the law shall, so far as it provides for alterations of
a register (but not for avoidance of transfer, the payment of fees or any other matter) apply
with the necessary modifications to the transfer of the property aforesaid; and it shall be the
duty of the Governing Board to furnish the necessary particulars of the transfer to the proper
officer of the registration authority, and for that officer to register the transfer accordingly.
4. All regulations, rules and similar instruments made for the purposes of the Incorporated
Association and in force immediately before the coming into force of this Act shall, except in
so far as they are subsequently revoked or amended by any authority having power in that
behalf, have effect with any necessary modification as if duly made for the corresponding
purpose of the Council.
SUBSIDIARY LEGISLATION
No Subsidiary Legislation
