NIGERIAN AGRICULTURAL INSURANCE CORPORATION ACT

CHAPTERN89
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 oflosses.
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 funds

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.

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