Section 72: Contract with foreign insurer and reinsurer.

(1) No person shall transact an insurance or reinsurance business with a foreign insurer or reinsurer in respect of any life, asset, interest or other properties in Nigeria businesses classified as domestic insurance unless with a company registered under this Act.
(2) In subsection (1) of this section, "domestic insurance or reinsurance" business includes-
(a) fire insurance and reinsurance business;
(b) motor insurance and reinsurance business;
(c) liability insurance and reinsurance ;
(d) life insurance and reinsurance business ;
(e) accident insurance and reinsurance business; and
(f) such other insurance and reinsurance business as the Commission may from time to time prescribe.
(3) A person who contravenes the provision of subsection (1) of this section commits an offence and is liable on conviction to 5 times the premium involved or an imprisonment for 3 years or both.
(4) Notwithstanding subsection (1) of this section, where in any particular circumstances a person satisfies the Commission that by reason of exceptional nature of the risk in, or emanating from Nigeria or any other exceptional circumstances, such risk can not be placed with an insurer or reinsurer registered under this Act, the Commission may in writing permit such person to effect such insurance or reinsurance with an insurer or reinsurer registered, outside Nigeria.