Section 29: Failure to pay sum due or any instalment thereof and recovery.

(1) Any sum payable under this Act or any instalment thereof unpaid, including any additional sum, may be sued for and recovered in a court by the Commission or by any officer authorised in that behalf by the Commission.
(2)
Where an insurance institution is liable to pay any sum of money or instalment under this Act and fails to pay the sum payable on or before the date on which the sum is due and payable, the insurance institution shall, in addition to the inability to pay the sum or instalment, be liable to pay an additional sum at the rate of 21/2 per cent above the Central Bank of Nigeria minimum discount rate.
(3) The additional sum or instalment payable under subsection (2) of this section, shall be computed from the date on which the sum became due and payable.
(4) Any sum or additional sum payable under this Act, shall be deemed to become due and payable as a debt due to the Commission and may be recovered pursuant to this section.
(5) Failure by an insurance institution to pay any sum or additional sum due under this Act, shall constitute a ground for the cancellation of its certificate of registration under the Insurance Act.
(6) For the purposes of implementation of the provisions of subsection (5) of this section the Commission may exercise its powers thereof without recourse to the provisions of subsection (1) of this section.