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Insurance Act, 2003 🇳🇬


Coat of Arms

Insurance Act, 2003

  • Published in Official Gazette supplement No. 37, Vol. 90 on 30 June 2003
  • Assented to on 27 May 2003
  • Commenced on 27 May 2003
  • [This is the version of this document from 30 June 2003.]
  1. [Repealed on 5 August 2025 by Nigerian Insurance Industry Reform Act, 2025]
An Act to Porduce a New Insurance ActEnacted by the National Assembly of the Federal Republic of Nigeria

Part I – Application of this Act

1. Application of this 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 o…

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