Section 49: Insurance and Reinsurance Business

(1) All operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry, shall insure all insurable risks related to its oil and gas business, operations or contracts with an insurance company, through an insurance broker registered in Nigeria under the provisions of the Insurance Act as amended.
(2) Each operator in subsection (1) of this section shall submit to the Board, a list of all insurance companies and insurance brokers through which insurance covers were obtained in the past six months, the class of insurance cover obtained and the expenditures made by the operator;
(3) The insurance programme shall include
(a) a comprehensive report of-
(i) insurance covers obtained in the past six months of all insurance by expenditure,
(ii) a forecast of insurance covers required during the next six months, and
(iii) the projected expenditure for the covers
(b) a list of-
(i) all insurance companies brokers through which insurance covers were obtained in the past six months,
(ii) the class of insurance cover obtained, and
(iii) the expenditures made by the operator;and
(c) the annual insurance premium budget for the past one year in Naira and foreign currencies