NAICOM Approves 300 Insurance Broking Firms

The National Insurance
Commission (NAICOM) has announced the approval of 300 insurance broking firms to operate across the country.
The commission in a statement on Monday in Abuja by its National Commissioner, Mohammed Kari, said that the approved broking firms were certified as duly registered to operate in the country.
Kari said that the names of the approved firms have been posted on the commission’s website for easy verification.
The commission had through a circular said an insurance broker whose licence has expired and wishes to re-register under the same nature should submit a letter of Appeal giving reasons why the last licence lapsed and pay a non refundable fee of N250,000.00 for processing of the appeal.
NAICOM had in December 2015 published the names of 108 insurance brokers for their failure to meet the regulatory body’s requirements, especially failure to renew their operational licences with the commission.
The commission alleged that many brokerage firms in the country violate certain provisions of the insurance law such as late submission of their returns to the commission, while some did not even submit return for several years, non renewal of operating licence among other offences.
The commission said such defaulting firms would not be allowed to renew their operating licences, while those that are still interested to continue operating in the insurance industry would be asked to apply for revalidation for fresh licence.