Section

SECTION 10: Operating an unlicensed insurance business

Part of: Nigerian Insurance Industry Reform Act 2025

A person who transacts any insurance business without being licensed for that purpose under this Act commits an offence and is liable on conviction, in the case of— (a) an individual, to a fine of ₦25,000,000 or imprisonment for a term of two years or…

Read the full section with Sanctum

Sanctum is the key to all NLC content: judgments, principles, statutes, rules and forms. Choose a plan from 1 month to 36 months.

Get Access I’m a member — Log in