Section 43: Reinsurance Broking.

(1) No insurance broker shall undertake reinsurance broking without the approval of the Commission.
(2) The Commission may grant an approval to an insurance broker for purposes of subsection (1) of this section if it is satisfied that-
(a) the insurance broker has the required expertise to conduct the class of reinsurance business ; and
(b) at least one partner or director of the insurance broking firm or company has at least 5 years working experience in the middle management cadre of a reinsurance broking firm or company.
(3) An insurance broker who contravenes the provisions of this section commits an offence and is liable on conviction to a fine of N250,000 and in addition the reinsurance business transacted shall be null and void.