Section 42: Records of transactions, etc.

(1) An insurance broker shall keep records of all insurance business handled by him and, for the purposes of this section, separate records shall be kept by the broker with respect to-
(a) insurance business entered into with insurers registered under or pursuant to this Act; and
(b) subject to subsection (3) of this section, insurance business entered into with persons outside Nigeria.
(2) An insurance broker shall-
(a) keep accounting records which shall show and explain the business transacted by the insurance broker and to disclose his true financial position ; and
(b) ensure that the accounting records kept under paragraph (a) of this subsection give a true and fair view of his business at the accounting date.
(3) An insurance broker shall submit an audited statement of account comprising-
(a) revenue;
(b) the profit and loss account; and
(c) balanced sheet;
in the prescribed form to the Commission not later than 6 months after the accounting date.
(4) An insurance broking firm that contravenes the provisions of this section commits an offence and is liable on conviction to a fine of N5,000 per day for each day of default.