Section 3: Council of the Institute.

(1) There shall be, as the governing body of the Institute, a Council which shall be charged with the administration and general management of the Institute.
(2) The Council shall consist of-
(a) the President of the Institute who shall be the chairman;
(b) the Deputy President of the Institute who shall be the vice-chairman;
(c) the Commissioner for Insurance;
(d) two persons to be nominated by the Nigerian Insurers Association;
(e) one person to be nominated by the Nigerian Corporation of Insurance Brokers;
(f) one person to be nominated by the Institute of Loss Adjusters of Nigeria;
(g) all past Presidents of the Institute; and
(h) twelve other persons elected by the Institute at its annual general meeting.