Insurance brokers get new registration procedures

29.02.2008

The National Insurance Commission (NAICOM) on Thursday in Abuja came out with new directives on registration procedures for insurance brokers.

A statement made available to the News Agency of Nigeria (NAN) from NAICOM said the directive would take effect from March 1.

The statement said as from that date, all applicants must register with the Nigerian Council of Registered Insurance Brokers (NCRIB) with evidence of registration forwarded to (NAICOM).

It said that all applicants must obtain a prescribed application form at the cost of a non-refundable fee of N25,000 from any of their offices in Abuja, Lagos, Enugu, and Kano.

“Upon receipt of duly submitted forms, NAICOM will then process them, with only short-listed applicants moving to the pre-interview stage,’’ the statement said.

The statement further said details of all applicants would be published in two national dailies for the public to register their objections.

It said approval would be given in principle and the necessary fees paid, if no adverse objection was registered by any member of the public against such applicants.