Section 4: Insurance to be registered.

(1) Subject to the provisions of this Act, no insurer shall commence insurance business in Nigeria unless the insurer is registered by the Commission under this Act.
(2) The Commission shall not grant approval if it is satisfied that it is not in the public interest or the interest of policy holders or persons who may become policy-holders for it to be granted.
(3) Where an insurer is not satisfied with the decision of the Commission under the provisions of this section, he may appeal to the Minister for Finance within 30 days of the refusal.
(4)
The Minister shall within 60 days after the receipt of an appeal give his decision.