Section 45: Loss adjusters to be registered.

(1) No person shall transact business as a loss adjuster in Nigeria unless he is registered in that behalf under this Act.
(2) An application for registration as a loss adjuster shall be made to the Commission in the prescribed form and be accompanied by payment of such fee and other documents as may, from time to time, determine.
(3) An application shall be duly registered as a loss adjuster if the Commission is satisfied that-
(a) it is duly incorporated as a partnership or a company registered under the Companies and Allied matters Act, 1990 ;
(b) at least a partner in the firm or a director of the company is duly registered by the institute of Loss Adjusters of Nigeria ; and
(c) that the firm or company maintains a professorial indemnity cover of not less than N5 million or 50 per cent of its annual fees for the preceding year, whichever is the greater.
(4) No person shall be a chief executive of a loss adjusting company or firm unless he is registered as a loss adjuster by the Institute upon recommendation of the Institute of Loss Adjusters of Nigeria.
(5) A loss adjuster shall pay to the Commission, not later than 30th of June every year, a levy equivalent to 1 per cent of its gross fees or N10,000, whichever is higher.
(6) The Commission may from time to time increase the minimum amount of the levy under subsection (5) of this section.
(7) A person who transacts business as a loss adjuster without having been registered in that behalf commits an offence and is liable on conviction to a fine of N250,000.
(8) An insurer or any other person who knowingly or recklessly transacts business with or engages the services of an unregistered loss adjuster commits an offence and is liable on conviction to a fine of N100,000.