#nigeriainsurance

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REGISTRATION REQUIREMENTS FOR AN INSURANCE BROKERING COMPANY

Registration with the Corporate Affairs Commission as a Limited Liability Company with Five (5) million Share Capital. 

Registration of the individual broker with the Nigerian Council of Registered Insurance Brokers (NCRIB)

Requirements for NCRIB Registration     

Copies of forms CO2 & CO7 stating that the Chief Executive Officer is a director with at least 25% equity shares in the Company.

Certificate of Incorporation.

Professional Indemnity Cover (any one loss 10m)

Memorandum & Articles of Association

Operations Manual of the Company

5-year Business Plan

Affidavit that: a) The Company has a Clients' Account b) The Company does not have more than 10% interest in a loss adjusting firm or Reinsurance Company

Application Fee N50, 000 payable on submission of application forms

The statutory fees are as follows

REGISTRATION FEE - N500, 000BUILDING LEVY - N200, 000PRE-INDUCTION TRAINING - N50, 000COMPULSORY LEVY - N50, 000ASSOCIATESHIP ADMISSION - N50, 000INDUCTION FEE - N30, 000

TOTAL:  N880, 000

Requirements for Individual Registration

Duly completed and signed Application Form (TO BE PROPOSED BY TWO ACIB OR FCIB HOLDERS)

Copies of all Credentials

Detailed Curriculum Vitae

Letter of Resignation from previous employer

Letter of Acceptance of Resignation from previous employer

Letter of Appointment from current employer

CEO must be a director in the broking outfit

CEO must be an insurance professional (Associate of the Chartered Insurance Institute of Nigeria) with at least 5 years post-qualification experience, two of which must be in a broking firm at senior management level.

Application for license as an Insurance Agent 

Registration with the National Insurance Commission (NAICOM)

Kindly note that: the application for registration/ renewal as an Insurance Broker under the Insurance Acts 2003 is made by the Chief Executive on behalf of the applicant organization. The application is made by filling NAICOM’s Form 20.

In addition, NAICOM carries out registration only twice a year. The first cycle commences in March and ends in May with the issuance of the license/ operating certificate while the second cycle commences in August and ends in October.

Submission of anti-money laundering registration in addition to NAICOM registration. This new guideline, provided in November, 2022 aims to ensure due diligence before licensing insurance institutions that may finance terrorism and proliferation of weapons of mass destruction. The requirements for this additional registration includes:

Completed and personally signed BOs Declaration Form (Appendix A) 

Notarised statement of net worth for all Beneficial Owners. 

Completed and personally signed (Politically Exposed Persons) Declaration Form 

Anti-Money Laundering, Combating The Financing Of Terrorism And Countring Proliferation Financing Of Weapons Of Mass Destruction In Financial Institutions  (AML/ CFT/ CPF) Compliance policy, which shall at a minimum cover: 

i. Compliance Unit/ Department structure; 

ii. Designation and status of a compliance officer; 

iii. Employee screening and monitoring; 

iv. Customer identification and verification; 

v. Customer due diligence measures;

vi. ML /TF /PF Risk Assessment; 

vii. AML/ CFT/ CPF Training of the board, executive/ senior management, and other employees; 

viii. Independent assessment of the AML/ CFT/ CPF Programme; 

ix. Record Keeping, Suspicious transaction monitoring and reporting. 

x. Oversight functions over Compliance activities.