Section 13: Appointment of Chief Executive subject to the approval of the Commission.

(1) No insurer shall appoint a person as a Chief Executive whether designated as the Managing Director, Executive Chairman or otherwise if the appointment contravenes the provisions of section 12 of this Act unless-
(a) the insurer has served on the Commission a written notice that it proposes to appoint that person to the position and containing such particulars as may from time to time be prescribed by the Commission; and
(b) such an appointment is approved by the Commission.
(2) A notice served by the insurer under subsection (1) (a) of this section shall contain a statement signed by the person proposed to be appointed that it is served with his knowledge and consent.
(3) The Commission may-
(a) before the expiration of the period of 30 days serve a notice of objection to the appointment of the proposed Chief Executive ; and
(b) give the insurer and the person proposed to be appointed a period of 21 days within which to make written representation to the Board.
(4) The Board shall after receiving the representation made pursuant to subsection (2) of this section give notice in writing to the insurer and the proposed chief executive of the decision of the Board.
(5) If an insurer carries on business without complying with the requirements of this section, the insurer and the person proposed to be appointed each commits an offence and is liable on conviction to a fine of N1000 for every day during which the insurer so carries on business.