Section 23: Rules of practice.

(1) The Council may make rules for the -
(a) training of registered members of the Institute seeking to be risk managers, by suitable persons in the profession; and
(b) supervision and regulation of the engagement, training and transfer of such persons.
(2) The Council may also make rules -
(a) prescribing the amount and date for payment of the annual subscription and for such purpose different amounts may be prescribed by the rules for different categories of membership under section 3 (1) (a) of this Act;
(b) prescribing the form of licence to practise to be issued annually or, if the Council deems fit, by endorsement on an existing licence;
(c) restricting the right to practise as a member of the Institute if in default of payment of the amount of the annual subscription where the default continues for a period longer than the period prescribed by the rules;
(d) restricting the right to practise as a member of the Institute if the qualification granted outside Nigeria does not entitle the holder to practise as a risk manager; and
(e) prescribing the period of practical training in the office of a member of the Institute in practice to be completed before a person qualifies for a licence to practise as a chartered risk manager.
(3) Rules when made shall, if the Chairman of the Council directs, be published in the print media.