Nigerian Agricultural Insurance Corporation Decree
No 37 of 1993 | Laws of the Federation of Nigeria
The Federal Military Government hereby decrees as follows:
Establishment of the Nigerian Agricultural Insurance Corporation, etc..
1. (1) There is hereby established a body to be known as the Nigerian Agricultural Insurance Corporation (in this Decree referred to as "the Corporation") which shall be a body corporate with perpetual succession and a common seal.
(2) The Corporation may sue or be sued in its corporate name and may, for the purposes of its functions under this Decree and subject to the Land Use Act, hold, acquire and dispose of any property movable or immovable.
2. (1) There is hereby established for the Corporation a governing board to be known as the Board of Directors (in this Decree referred to as "the Board").
(2) The Board shall consist of -
(a) a Chairman;
(b) the Managing Director of the Corporation;
(c) the Executive Directors of the Corporation;
(d) the Governor of Central Bank of Nigeria or his representative;
(e) the Director-General of the Federal Ministry of Agriculture or his representative;
(f) the Commissioner of Insurance to represent the Federal Ministry of Finance or his representative; and
(g) two persons who have experience in agricultural production to represent farmers.
(3) The Chairman and other members of the Board who are not ex-officio members shall
(a) be appointed by the President, Commander in Chief of the Armed Forces; and
(b) hold office for a period of four years and be eligible for reappointment for one further period of four years.
(4) The supplementary provisions set out in the Schedule to this Decree shall have effect with respect to the proceedings
of the Board and the other matters contained therein.
Functions and Powers
3. Subject to the provisions of this Decree, the functions of the Corporation are -
(a) to implement, manage and administer the Agricultural Insurance Scheme, established by section 6 of this Decree;
(b) to subsidize the premiums chargeable on selected crops and livestock policies from the grants obtained from the Federal and State Governments and the Federal Capital Territory, Abuja;
(c) to encourage institutional lenders to lend more for agricultural production having regard to the added security fortheir loans provided by the Corporation;
(d) to promote increased agricultural production generally in order to minimise or eliminate the need for adhoc assistance previously provided by Governments during agricultural disasters;
(e) to carry on insurance business on normal commercial basis and without subsidies on premiums as insurers of buildings, machineries, equipment and other items which form part of the total investment on farms and to reinsure this aspect of its operations through well established channels with reputable reinsurance companies;
(f) to operate other types of insurance business as may be permitted by the Commissioner of Insurance at competitive premiums; and
(g) to do anything or to enter into any transaction which in the opinion of the Board is calculated to facilitate the due performance of its functions under this Decree.
|Download Complete "NAIC Act" document here|