• Specify the code of conduct for members of the insurance industry;
  • Effect supervision and monitoring of insurers, brokers and agents;
  • Formulate standards in the conduct of the business of insurance which shall be observed by insurers, brokers and agents;
  • Ensure proper observance of the code of ethics and practice by insurers, brokers and agents; and
  • Perform any other function as may be necessary for the purpose of this Act.
  • Protect the interest of policy-holder;
  • Specify requisite qualifications for members of the insurance industry;
  • Prescribe levies on premiums and commissions to ensure adequate funding for the Authority.