Section 49: Power to require certain information.

(1) In addition to any of its powers under this Act, the Commission may
(a) require any person having access thereto, at all reasonable times, to supply, in such forms as the Commission may, from time to time, direct information relating to or touching or concerning matters affecting the insurance industry in Nigeria; and
(b) issue guidelines to insurance institutions.
(2) The Commission shall take account of matters of confidential nature supplied to the Commission under this section, but where the Commission is satisfied that it is in the national interest and that the person supplying the information does not object to a proposal to publish it within a reasonable time of becoming aware of it, the Commission may, from any information in its possession, compile and publish statistical data, and anything relevant thereto, on the insurance industry.
(3) A person, lawfully required to supply information for the purpose of this section who-
(a) supplies information which he knows to be false or supplies the information recklessly as to its truth or falsify; or
(b)
without reasonable excuse (the proof of the reasonableness to lie on him) fails to comply with any requirement of the Commission under paragraph (a) of subsection (1) of this section,
is guilty of an offence.
(4)
A person found guilty of an offence under subsection (3) of this section is liable on conviction to-
(a) a fine not less than N250,000 or more than N500,000 or imprisonment for a term not exceeding three years for every false information supplied or to both such fine and imprisonment; and
(b) a fine of not less than N2,500 or more than N10,000 for every day during which the failure to comply with any requirement of the Commission continues.
(5) A person or insurance institution which fails to comply with any guideline issued under paragraph (b) of subsection (1) of this section, is guilty of an offence under this Act and liable on conviction to a fine not less than N250,000 or more than N500,000 or imprisonment for a term not exceeding three years or to both such fine and imprisonment.