Section 44: Service of notice, etc.

(1) A direct insurance broker who places a business of insurance with a foreign insurance company shall-
(a) serve the Commission notice of the contract within 30 days of its being signed ; and
(b) include any commission received on the transaction as part of the gross commission received by the insurance broker during the relevant year.
(2) An insurance broker who contravenes any of the provisions of subsection (1) of this section commits an offence and is liable on conviction to a fine of N250,000 and a continuous contravention shall constitute a ground for the cancellation of the insurance broker's registration.