Section 18: Erasure from the Register and List for crime, unprofessional conduct, etc.

(1) Where a registered Insurance Broker or enrolled body corporate is
(a) convicted by any court in Nigeria of any criminal offence being an offence which owing to its nature or the circumstances under which it was committed, does not render him or it fit to have his or its name on the Register or List; or
(b) judged by the Disciplinary Committee to have been guilty of professional misconduct, the Disciplinary Committee may, if it thinks fit, direct that the name of the Insurance Broker or body corporate be erased from the Register or List.
(2) If it appears to the Disciplinary Committee that a registered Insurance Broker or enrolled body corporate has contravened or failed to comply with Decree 2 of 1997, or any rule made under the Insurance Decree No. 2 of 1997 and that the contravention or failure is such as to render the Insurance Broker unfit to have his name on the Register or the body corporate unfit to have its name on the List, the Disciplinary Committee may, if it thinks fit, direct that the name of the Insurance Broker, or body corporate be erased from the Register or List.
(3)
Where -
(a) the name of a partner of an enrolled body corporate is erased from the Register under subsection (1) of this section; or
(b) a partner of any such body corporate is convicted of an offence under this Act; or
(c)
the name of a registered Insurance Broker employed by any such body corporate is erased from the Register under subsection (1) of this section and the act or omission constituting the ground on which it was erased was instigated or connived at by a partner of the body corporate, or if the act or omission was a continuing act or omission, a partner of the body corporate had, or reasonably ought to have had knowledge of the continuance, the Disciplinary Committee may, if it thinks fit, direct that the name of the body corporate be erased from the List: Provided that the Disciplinary Committee shall not take a case into consideration during any period within which proceedings by way of appeal may be brought which may result in this subsection being rendered inapplicable while any such proceedings are pending.
(4) If the Disciplinary Committee is of the opinion as respects an enrolled body corporate that the conditions for enrolment is section 6 of this Act are no longer satisfied, the Disciplinary Committee may, if it thinks fit, direct that the name of the body corporate be erased from the List.
(5) Where a registered Insurance Broker dies while he is a partner of an enrolled body corporate, he shall be deemed for the purpose of subsection (4) above to have continued to be a partner of that body until the expiration of a period of six months, beginning with the date of his death.
(6) Where the Disciplinary Committee directs that the name of an individual or body corporate shall be erased from the Register or List, the Executive Secretary shall serve on that individual or body a notification of the direction and a statement of the Committee's reasons.
(7) A body corporate whose name has been erased from the List shall have its certificate of registration revoked by the National Insurance Commission.
(8) A body corporate who, through disciplinary action or otherwise has the number of its partners reduced to one shall immediately appoint an additional partner provided that if the body corporate remains for 12 months with one partner the name of the body corporate shall be erased and its certificate of registration revoked by the National Insurance Commission.