Section 102: Interpretation.

In this Act-
"actuary" means-(a) a person who has prescribed actuarial qualifications ; or
(b) a member of a professional actuarial society or institute approved by the Commission;
"auditor" means a person enrolled or registered as an accountant pursuant to any enactment in Nigeria;
"Board" means the Governing Board of the National Insurance Commission at a formal meeting.
"Central Bank" means the Central Bank of Nigeria established pursuant to the Central Bank of Nigeria Act 1991 ;
"Chartered Insurance Institute of Nigeria" (CIIN) means the Body established under Act 22 of 1992 ;
"Commission" means the National Insurance Commission constituted under Act 1 of 1997 ;
"Commissioner" means the commissioner for Insurance appointed pursuant to the National Insurance Commission Act 1997 ;
"Co-operative Insurance Society" means a society registered under any enactment or law relating to co-operative societies and which carries on the business of insurance and of which, by its constitution, all policy-holder's are members thereof;
"Court" means the Federal High Court.
"Friendly Society" means a society registered under any enactment or law relating to co-operative societies and which carries on the business of insurance and of which, by its constitution, all policy-holders are members thereof;
"Group Life Insurance Fund" means a fund relating to life insurance business on a group of lives ;
"Individual Life Insurance Business" includes annuity business, that is, the business of effecting contracts of insurance for the granting of annuities on human life and if so provided in the contract of insurance, disability and double indemnity accident benefit;
"Industrial Life Policy" means a policy whereby the insurer assures a contingent obligation dependent on human life in an amount not exceeding the sum of N50,000 as may be specified by the Commission in return for a premium or the provision of a premium payable or intervals not exceeding two months, if the insurer has expressly or tacitly under-taken to send a person from time to time, to the policy holder or to his residence or place of work to collect the premiums;
"Institute of Loss Adjusters of Nigeria" means the Umbrella body of Loss Adjusting Companies registered to practise in Nigeria;
"Insurance" includes assurance.