Section 23: Power to make regulations.

The Minister may make regulations for prescribing everything which may be prescribed under the provisions of this Act and generally for the purpose of putting this Act into effect and in particular but without prejudice to the generality of the foregoing provisions may make regulations-()
(a) prescribing the forms to be used for the purposes of this Act;
(b) declaring approved insurers;
(c) prescribing the requirements in relation to securities either generally or in any particular case;
(d) as to applications for and the issue of certificates of insurance and any other documents which may be prescribed and as to the keeping of records of documents and the furnishing of particulars thereof and the giving of information with respect thereto;
(e) as to the issue of copies of any certificates or documents which are lost, mutilated or destroyed;
(f) as to the custody, production, cancellation and surrender of any such certificates or other documents;
(g) for providing that any of the provisions of this Act shall, in relation to motor vehicles brought into Nigeria by persons making only a temporary stay in Nigeria, have effect subject to such modifications and adaptations as may be prescribed;
(h) with respect to the payment of deposits and the documents to be issued in relation thereto and the investments thereof and dealing with the deposit of stocks or other securities in lieu of money, the payment of the interest or dividends from time to time accruing due on any securities in which deposits may be for the time invested and the withdrawal and transfer of deposits;
(i) prescribing fees to be charged in respect of anything done under the provisions of this Act;
(j) prescribing penalties for the breach of any regulations made hereunder not exceeding a fine of four hundred naira or imprisonment for two years or both such fine and imprisonment.