Section 14: Change of Chief Executive to be notified to Commission.

(1) A person who becomes or ceases to be the Chief Executive of an insurer shall, before the expiration of a period of 30 days beginning with the day on which he does so, notify the insurer in writing and send an advanced copy to the Commission on such matters as may, from time to time, be prescribed.
(2) An insurer shall give written notice to the Commission of the fact that a person has become or ceased to be a chief executive of the insurer and of any matter which the person is required to notify the insurer under subsection (1) of this section and that notice shall be given before the expiration of the period of 30 days.
(3) A person who fails to comply with subsection (1) or (2) of this section commits an offence and is liable on conviction to a fine of N1,000 per day during which the default continues.