Section 16: Application of this Act to enrolled persons.

(1) Any person who is not a member of the Insurance Institute of Nigeria (in this Act referred to as "the former Institute") who, but for this Act, would have been qualified to apply for and obtain membership of the former Institute may, within the period of three months from the commencement of this Act apply for membership of the Institute in such manner as may be prescribed by rules made by the Council.
(2) Where an application under subsection (1) of this section is approved by the Council, the application shall be enrolled or registered, as the case may be, according to his qualification.