Section 76: Prohibition of certain rebates.

(1) No person shall offer, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance contract in respect of any kind of risk to lives and property in Nigeria-
(a) any rebate of the whole or part of the commission payable under this Act; or
(b) any rebate of the premium shown on the policy, except such rebate as may be allowed in accordance with the published prospectus or table of the insurer.
(2) A person who offers or receives any rebate otherwise than as provided for in 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 his certificate of registration under this Act.