NAIC ACT NEW

NIGERIAN AGRICULTURAL INSURANCE CORPORATION ACT

ARRANGEMENT OF SECTIONS

PART I
Establishment of the Nigerian Agricultural Insurance Corporation, etc.
SECTION
1. Establishment of the Nigerian Agricultural Insurance Corporation.
2. Establishment and composition of the Board of Directors, etc.

PART II
Functions and powers
3. Functions of the Corporation.
4. Functions of the Board.
5. Powers of the Board.

 PART III
 The Agricultural Insurance Scheme
6. Establishment of the Agricultural Insurance Scheme, etc.
7. Qualifying cover.
8. Risks to be covered.
9. Rate of premium.
10. Indemnity.
11.  Requirement for indemnity.
12. Bearing of losses.
13. Participating farmer.
14. Remittance of premiums by lending institutions. etc.

PART IV
Staff of the Corporation
15. Managing Director and Executive Directors.
16.Secretary and other staff of the Corporation.

17. Pensions

PART V
Reserve fund
18. Reserve fund.
19.  General reserve fund.

PART VI
Financial provisions

SECTION
20.  Share capital of Corporation, etc.
21. Liability of shareholder limited.
22. Fund of the Corporation.
23. Expenditure of the Corporation.
24. Accounts and audit.
25. Annual report.

PART VII
Miscellaneous

26. Limitation of suit against the Corporation.
27. Service of documents.
28. Restriction on execution against the property of the Corporation.
29. Indemnity of officers and other employees of the Corporation..
30. Corporation not to be exempt from taxation, etc.
31. Extended application of the Insurance Act.
32. Liquidation.
33. Dissolution of the Nigerian Agricultural Insurance Company Ltd, etc.
34.   Regulations.
35.   Interpretation.
36.   Short title.
 SCHEDULE
Supplementary provisions relating to the Board, etc.

NIGERIAN AGRICULTURAL INSURANCE CORPORATION ACT

An Act to provide for the establishment, functions and funding of the Nigerian Agricultural Insurance Corporation for the purposes of insuring agricultural or agro allied projects against selected natural hazards; and to further empower the Corporation to carryon other insurance businesses as may be permitted. [1993 No. 37.]

 [Commencement.]

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