Section 1: Establishment of the Nigeria Reinsurance Corporation.

(1) There shall be established a corporation to be known as the Nigeria Reinsurance Corporation (hereinafter in this Act referred to as "the Corporation") which shall be constituted in accordance with and shall have such powers and duties as are conferred on it by 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.