Section 36: Insurance brokers to be registered.

(1) No person shall transact business in Nigeria as an insurance broker unless he is registered under this Act.
(2) Application for registration as an insurance broker shall be made to the Commission in the prescribed form and accompanied by the prescribed fee and such other documents as may be prescribed, from time to time.
(3) If the Commission is satisfied that the applicant-
(a) has the prescribed qualifications; and
(b) is a partnership or a company with limited liability duly registered under the Companies and Allied Matters Act, 1990, it shall register the applicant as an insurance broker by issuing the applicant with a certificate of registration.
(4) No firm or company shall be registered under this section unless each partner, Chief Executive and Executive Director is registered as an insurance broker by the Institute.
(5) If the Commission is not satisfied as to any of the matters referred to in subsection (3) of this section, the Commission shall give notice in writing to the applicant of the Commission's intention to reject the application.
(6) A person aggrieved by the intention of the Commission to reject an application for registration as an insurance broker may give notice of appeal and the provisions of section 7 of this Act shall apply as if references in that section to an applicant were referred to an applicant under this section.
(7) A certificate issued to an insurance broker shall lapse if not renewed within three months from the date of expiry.
(8) A person who transacts business as an insurance broker without having been registered in that behalf under this Act commits an offence and is liable on conviction-
(a) in the case of a firm or other combination of persons, each officer of the firm to a fine of N250,000 or to imprisonment for a term of 2 years or to both such fine and imprisonment and, in addition, the Court may make an order requiring the refund of the sums collected by the individual or firm while so transacting the business to the rightful owners or other persons entitled thereto; and
(b) in any other case, to a fine of N250,000
(9) An insurer who knowingly or recklessly transacts insurance business with any person mentioned in subsection (8) of this section commits an offence and is liable on conviction to a fine of N500,000 and the Court may make such additional order as to the refund of the sums involved as referred to in that subsection.
(10) Every insurance broker shall pay to the Commission, not later than 30th of June every year, a levy equivalent to 1 percent of its gross commission or N25,000, which ever is higher.
(11) The Commission may from time to time increase the minimum amount of the levy under subsection (10) of this section.