Section 17: Records to be kept by insurer.

(1) An insurer shall keep and maintain at its principal office the following-
(a) the Memorandum and Articles of Association or other evidence of the constitution of the insurer;
(b) a record containing the names and addresses of the owners of the insurance business whether known as or called shareholders or otherwise ;
(c) the minutes of any meeting of the owners and of the policy-making executive (whether known as or called the Board of Directors or otherwise) ;
(d) a register of all policies in which shall be entered in respect of every policy issued, the names and address of the policy-holder, the date when the policy was effected and a record or any transfer, assignment or nomination of which the insurer has notice.
(e) a register of claims in which shall be entered every claims made together with the date of claim, the name and address of the claimant and the date on which the claim was settled, or in the case of a claim which is repudiated, the date of repudiation and the grounds for the rejection or in the case of litigation, the particulars of the litigation and the decision of the court in the matter;
(f) a register of investment showing those which are attributable to the insurance funds and those which are not, and also any alteration in their values from time to time ;
(g) a register of its assets;
(h) a register of reinsurance ceded in showing separately those ceded in Nigeria and those ceded outside Nigeria;
(i) a cash book;
(j) a current account book ;
(k) a register of open policies in respect of marine insurance transactions; and
(l) management report by external auditors.
(2) An insurer shall in respect of its life insurance business maintain and keep the following additional record, that is-
(a) a register of assured under group policies;
(b) a register of loans on policies;
(c) a register of cash surrenderd values; and
(d) a register of lapsed and expired policies.
(3) Where an insurer fails to comply with any of the provisions of subsection (1) or (2) of this section, the insurer and every officer of the insurer who fails to comply commits an offence and is liable on conviction to a fine of N25,000.