Nigerian Agricultural Insurance Corporation Decree No 37 of 1993

Nigerian Agricultural Insurance Corporation Decree No 37 of 1993 Current Version

January 2022

Regulation 3 and 4 provides the functions and powers of the Corporation. They include: to implement, manage and administer the Agricultural Insurance Scheme, established by section 6 of this decree, 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, to encourage institutional lenders to lend more for agricultural production having regard to the added security for their loans provided by the corporation, to promote increased agricultural production generally in order to minimize or eliminate the need for ad Hoc assistance previously provided by governments during agricultural disasters, 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, to operate other types of insurance business as may be permitted by the commissioner of insurance at competitive premiums and 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.