Overview

The Nigerian Agricultural Insurance Corporation Act establishes the Nigerian Agricultural Insurance Corporation (NAIC) as a body corporate to insure agricultural and agro-allied projects against selected natural hazards, with the power to carry on other insurance businesses. The Act is divided into seven parts: Part I establishes the Corporation and its Board of Directors; Part II outlines functions and powers; Part III establishes the Agricultural Insurance Scheme detailing qualifying cover, risks, premium rates, indemnity, loss bearing, participating farmers, and premium remittances; Part IV covers staff provisions including the Managing Director, Executive Directors, secretary, and pensions; Part V pertains to reserve funds; Part VI addresses financial provisions such as share capital, fund management, accounts, audit, and annual reports; Part VII includes miscellaneous provisions on limitation of suits, service of documents, execution restrictions, indemnity of officers, taxation, application of the Insurance Act, liquidation, dissolution of the predecessor company, regulations, interpretation, and short title. The Act was enacted in 1993 (No. 37) and commenced on 1st June 1993. Key entities include the Nigerian Agricultural Insurance Corporation, the Board of Directors, the Managing Director, the Central Bank of Nigeria, the Federal Ministry of Agriculture, the Commissioner of Insurance, and the President for appointments. The document type is a policy (act of parliament), and the language is English.

Download