Section 39: Suspension of registration.

(1) Where an insurance broker fails to comply with the provisions of this Act, the Commission may, without prejudice to any further sanction suspend him for a period of not more than 6 months.
(2) An insurer who transacts business with an insurance broker who has been suspended commits an offence and is liable on conviction to a fine of N100,000.
(3) If an insurer continues to commit an offence under subsection (2) of this section after the second conviction, the Commission may give to the insurer notice of its intention to cancel the registration of the insurer under section 8 of this Act.