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NAICOM releases requirements for re-registration of insurance brokers

By on February 4, 2016

The National Insurance Commission (NAICOM) has released requirements for re- registration of insurance brokers whose licenses had lapsed.

The requirements, which was arranged in seven phases and published on the commission’s official website stipulated that an insurance broker whose license has lapsed and wishes to re-register under the same name shall comply with the following requirements”, the commission stated.

Also, phase one of the re- registration process requires that such broker should arm himself with Letter of Appeal stating reasons why the last licence lapsed and payment of non-refundable fee (N250,000.00) for processing of the appeal.

Phase two requires that the broker should apply for re-registration (If appeal is sustained by the Commission), payment of N250,000 fee, and provides certified true copy of Corporate Affairs Commission’s forms  C02 and C07, provides evidence of payments of the fee in phase one, evidence of payment of  all outstanding ISS levies due before the license lapsed as well as effect nomination of qualified CEO and Executive Management for NAICOM’s approval.

In addition, the broker is required to submit a management account/statement of account as at the last day of last month of the period since the last approved account.

Phase three of the requirement stipulates that intending brokers should apply for NAICOM’s approval of the members of the Board of Directors.

The phase four demands for re-registration inspection of the intending broker to determine non-violation of the Insurance Act and payment of penalties for identified violations/non-compliance.

According to the commission, phase five requires that such broker attends and be successful at the re-registration interview, while phase six  requires submission of additional documents such as Professional Indemnity, sworn declarations, other declarations, tax clearance for the expired period of license, certificate on oath from the external auditors and payment of license fee (N2,250,000.00.Phase  seven is the Issuance of  the license.

NAICOM had in December last year announced delisting of 108 insurance brokers from its list for failure to renew their operating licenses.

This had put the brokers in tensed condition, compelling the umbrella body of the brokers the Nigerian Council of Registered Insurance Brokers (NCRIB) to appeal for solution from the commission.

NCRIB had disclosed recently that only 21 out of the ailing 108 brokers are their members.