The National Insurance Commission (NAICOM) has released the list of 300 insurance brokers it has given approval to undertake brokerage business in the industry.
This is in determination to checkmate the activities of unregistered insurance brokers in the industry.
Earlier in December, 2015, NAICOM had published the names of 108 insurance brokers for their failure to meet the regulatory requirements especially failure to renew their licenses.
It says the names of the approved insurance brokers are published on the website of the commission
NAICOM announced through a circular that an insurance broker whose licence has lapsed and wishes to re-register under the same name should submit a letter of appeal giving reasons why the last licence lapsed and payment of non-refundable fee of N250,000 for processing of the appeal.
The commission said it required the intending broker to equally submit application for re-registration, if appeal is sustained by the commission, adding that such interested broker must make payment of N250,000 application fee, submit Certified True Copy of CAC’s Form CO2 and CO7, evidence of payments of the fee and payment of all outstanding levies due before the licence lapsed.
NAICOM further said that there would be re-registration inspection of the brokerage firm to determine non-violation of the Insurance Act and payment of penalties for identified violation/non-compliance, while the interested brokers must attend and be successful at the re-registration interview.
Besides, interested brokers are required to submit Professional Indemnity Cover Sworn Declaration, Tax Clearance for the expired period of licence, certificate on Oath from the external auditors and payment of licence fee of N2.250 million, after which the licence would be issued to those that fulfill all the listed requirements.