Section 1: Establishment and constitution of the Corporation

(1) There shall be for the purposes of this Act, a corporation to be known as the National Insurance Corporation of Nigeria (in this Act referred as "the Corporation"), which shall be constituted in accordance with and shall have such powers and duties as are conferred on it by, or by virtue of the following provisions of this Act.
(2) The Corporation shall be a body corporate with perpetual succession and a common seal.
(3) The Corporation may sue or be sued in its corporate name and may hold, acquire, and dispose of any property movable or immovable.