NATIONAL INSURANCE COMMISSION ACT

Section 17: Funds of the Commission.

1997Section 17 of 66Federal Republic of Nigeria

(1) The Commission shall establish and maintain the following funds, that is-
(a) an operating fund;
(b) an education fund;
(c) a security and insurance development fund; and
(d) a general reserve fund.
(2) The sums of money derived from the resources of the Commission under section 16 of this Act, shall be paid into the funds established in pursuance of subsection (1) of this section as follows, that is-
(a) in the case of the operating fund, 50 per cent;
(b) in the case of the education fund, 30 per cent;
(c) in the case of the security and insurance development fund, 20 per cent;
(d) in the case of the general reserve fund, the net operation surplus in the operating fund at the end of each year.

Cite this section

Section 17, NATIONAL INSURANCE COMMISSION ACT (1997).

https://repo.podus.ai/laws/national-insurance-commission-act/section/17/