Section 10: Share capital to be deposited with the Central Bank.

(1) An insurer intending to commence insurance business in Nigeria after the commencement of this Act shall deposit the equivalent of 50 per cent of the paid up share capital referred to in section 9 of this Act (in this Act referred to as the "Statutory Deposit") with the Central Bank.
(2) Upon registration as an insurer, 80 per cent of the statutory deposit shall be returned with interest not later than 60 days after registration.
(3) In the case of existing companies an equivalent of 10 per centum of the minimum paid-up share capital stipulated in section 9 shall be deposited with the Central Bank.
(4) Any statutory deposit made under subsection (1) of this section shall attract interest at the minimum lending rate by the Central Bank on every 1st of January of each year.
(5) Any withdrawal from the statutory deposit shall be made good within 30 days, failure of which shall constitute a ground for suspension from business and such suspension shall be published in the newspapers.
(6) Failure to deposit the statutory deposit shall constitute a ground for cancellation of the certificate of registration.