Circular
REQUIREMENTS FOR RE-REGISTRATION OF AN INSURANCE BROKER WITH LAPSED LICENCE
An Insurance Broker whose licence has lapsed and wishes to re-register under the same name shall comply with the following requirements:
Phase 1. Letter of Appeal giving reasons why the last licence lapsed and payment of non-refundable fee (N250,000.00) for processing of the appeal.
Phase 2. Application for Re-registration (If appeal is sustained by the Commission):
a. Payment of application fee (N250,000)
b. Certified True Copy of CAC’s Forms C02 and C07.
c. Evidence of payments of the fee in phase 1 above
d. Payment of all outstanding ISS levies due before the license lapsed.
e. Nomination of qualified CEO and Executive Management for NAICOM’s approval.
f. Submission of a Management Account/Statement of Account as at the last day of last month of the period since the last approved account.
Phase 3. Apply for NAICOM’s approval of the Members of the Board of Directors.
Phase 4. Re-registration Inspection of Broker to determine non-violation of the Insurance Act and payment of penalties for identified violations/non-compliance.
Phase 5. Attend and be successful at the Re-Registration Interview.
Phase 6. Submission of the following additional documents:
a. Professional Indemnity
b. Sworn Declarations
c. Other Declarations
d. Tax Clearance for the expired period of license.
e. Certificate on Oath from the External Auditors
f. Payment of License Fee (N2,250,000.00)
Phase 7. Issuance of License
