NAICOM;the Insurance business regulatory body releases requirements for re-registration of Insurance Brokers

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

 The commission stated re-registration process which was outlined to be in seven phases;

•   Phase one of the re- registration process requires that defaulted 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  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.

•    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.

•     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.