Section 38: Requirement as to indemnity cover, staff, etc.

An insurance broking firm or company shall-(a) maintain a professional indemnity cover of not less than 10 Million Naira or 50 per centum of its annual brokerage income for the preceding year, whichever is the greater;
(b) have as a member of its senior management staff at least one person who has professional qualification in insurance or at least 7 years experience at senior management level with an insurer or insurance broking firm ;
(c) not hold directly or indirectly financial interest-
(i) in excess of 10 per centum in an insurance company; or
(ii) in a loss adjusting company in Nigeria; and
(d) keep a register of business transacted by him on annual basis.