Section 1: Establishment of the Chartered Insurance Institute of Nigeria.

(1) There is hereby established a body to be known as the Chartered Insurance Institute of Nigeria (in this Act referred to as "the Institute") which shall be a body corporate under that name and be charged with the general duty of-
(a) determining what standards of knowledge and skill are to be attained by persons seeking to become registered members of the insurance profession (in this Act referred to as "the profession") and reviewing those standards, from time to time, as circumstances may permit;
(b) securing, in accordance with the provisions of this Act, the establishment and maintenance of a register of fellows, associates, and registered members of the profession and the publication, from time to time, of the lists of those persons; and
(c) performing, through the Council established under section 3 of this Act the functions conferred on it by this Act.
(2) The Institute shall have perpetual succession and a common seal, which shall be kept in such custody as the Council, may, from time to time, authorise.