Section 16: Resources of the Commission.

(1) The resources of the Commission shall comprise-
(a) such sums of money as the Federal Government may, from time to time, assign to it;
(b) one per cent levy on every insurance institution;
(c) income from investments of the Commission;
(d) money borrowed from such sources as may be approved by the Board;
(e) fees and penalties payable by insurance institutions and other persons; and
(f) all sums of money accruing to the Commission by way of gifts, testamentary dispositions and endowments and contributions from any other source whatsoever.
(2) The levy imposed under subsection (1) (b) of this section shall be based
(a) in the case of an insurer or a reinsurer, on its gross premium income;
(b) in the case of an insurance broker, on its gross commission;
(c) in the case of a loss adjuster, on its gross fees.
(3) Every sum payable by any insurer, reinsurer, insurance broker or loss adjuster under this Act, shall be payable on or before the 30th September of each year.