Section 16: Approval of new products.

(1) No new product shall be introduced into any class or category of insurance business without the prior approval of the Commission.
(2) The approval or otherwise of the Commission shall be communicated within 30 days of the receipt of the application.
(3) The approval or otherwise of the Commission shall be communicated within 30 days of the receipt of the application.
(4) An insurer who contravenes the provisions of subsection (1) of this section commits an offence and is liable on conviction to a fine of N10,000.