Section 74: Advertisement.

(1) The Commission may, with the approval of the board, make regulations as to the form and contents of insurance advertisement.
(2) Regulations under this section may make different provisions in relation to insurance advertisement of different classes or descriptions.
(3) Subject to subsection (4) of this section, any person who issues an insurance advertisement which contravenes regulations under this Section commits an offence and is liable on conviction to a fine of N100,000.
(4) A person who in the ordinary course of business issued an advertisement to the order of another person, being an advertisement the issue of which by that person constitutes an offence under subsection (3) of this section, shall not himself be guilty of the offence if he proves that the matters contained in the advertisement were not (wholly or in part) devised or selected by him or by person under his direction or control.
(5) For the purposes of this section an advertisement issued by any person on behalf of or to the order of another person shall be treated as an advertisement issued by that person, and for the purposes of any proceedings under this section an advertisement inviting person to enter into contracts with a person specified in the advertisement shall be presumed unless the contrary is proved to have been issued by that person.
(6) In this section "advertisement" includes every form of advertising, whether in a publication or by the display of notice or by means of circulars or other documents or by an exhibition of photographs or cinematography films or by way of sound broadcasting or television, and references to the issue of an advertisement shall be construed accordingly and insurance advertisement means an advertisement inviting persons to enter into or to offer to enter into contracts of insurance, and an advertisement which contains information calculated to lead directly to persons entering into or offering into such contracts shall be treated as an advertisement inviting them to do so.