Section 85: Restriction on use of the word "Insurance" or "Underwriter".

(1) No person other than an insurer, insurance broker or loss adjuster under this Act or an insurer's agent duly appointed shall, use the word "insurance" or any derivative thereof as part of his business name or for describing the nature or object of such business.
(2) No person other than an insurer registered under this Act or a duly appointed insurer's agent shall use the word "underwriter" or any derivative thereof as part of his business name or for describing the nature or object of such business.
(3) Any person who uses the word "insurer" or underwriter" otherwise than in compliance with the provisions of subsection (1) or (2) of this section commits an offence and is liable on conviction to a fine of N2,500 for every day or part thereof in which the name or description is so used.