Section 88: Offence by insurers in relation to investments.

(1) An insurer who encumbers or disposes of investment or does any other thing which results in diminishing the security offered by any investment made under this Act commits an offence and is liable on conviction to a fine of N500,000 or to imprisonment for a term of 2 years or to both.
(2) An insurer who distributes dividend otherwise than in compliance with section 26 (5) of this Act commits an offence and is liable on conviction to the fine of N250,000.