Section 18: Records to be kept by reinsurer.

(1) A reinsurer 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 reinsure ;
(b) records containing the names and address of the owners of the reinsurer (whether known as or called shareholders or otherwise) ;
(c) minutes of any meeting of the owners and of the policy-making executive (whether known as the Board of Directors or otherwise) ;
(d) a register of all treaties, in which shall be entered in respect of every treaty issued, the name of the cedant, and the date when the treaty was effected ;
(e) a register of all claims in which shall be entered every claims made together with the date of claim, the name of the cedant or insured, their proportionate share and the date the claim is settled;
(f) a register of investments showing those which are attributable to the insurance funds and those which are not and also any alteration in value from time to time;
(g) a register of assets;
(h) a register of business or retrocession, showing separately those ceded within and outside Nigeria;
(i) a register of new and existing clients;
(j) a cash book; and
(k) domestic or management report prepared by external auditors.
(2) A life reinsurer shall keep the following additional records-
(a) a register of assured under group policies;
(b) a register of cancelled, lapsed and expired policies; and
(c) a register of claims showing the names of the cedant and when the claim is settled.
(3) Where a reinsurer fails to comply with any of the provisions of subsection (1) or (2) of this section, the reinsurer and every officer of the reinsurer who fails to comply each commits an offence and is liable on conviction to a fine of N25,000.