Section 7: Functions of the Commission.

The Commission shall(a) establish standards for the conduct of insurance business in Nigeria;
(b) approve rates of insurance premiums to be paid in respect of all classes of insurance business;
(c)
approve rates of commissions to be paid in respect of all classes of insurance business;
(d) ensure adequate protection of strategic Government assets and other properties;
(e) regulate transactions between insurers and re-insurers in Nigeria and those outside Nigeria;
(f) act as adviser to the Federal Government on all insurance related matters;
(g) approve standards, conditions and warranties applicable to all classes of insurance business;
(h) protect insurance policy holders and beneficiaries and third parties to insurance contracts;
(i) publish, for sale and distribution to the public, annual reports and statistics on the insurance industry;
(j) liaise with and advise Federal Ministries, Extra Ministerial Departments, statutory bodies and other Government agencies on all matters relating to insurance contained in any technical agreements to which Nigeria is a signatory;
(k) contribute to the educational programmes of the Chartered Insurance Institute of Nigeria and the West African Insurance Institute; and
(l) carry out such other activities connected or incidental to its other functions under this Act.