NAICOM logo

Following the recent increase in application, reinsurance and insurance firms venturing into Nigerian insurance market will now pay a non-refundable fee of N10 million as against initial N5million, showing 100 per cent increase in the fee payable by new operators. According to NAICOM, application fee which is non-refundable for reinsurance operation is now N10 million as against N5 million paid in the past; Life business, N10 million, from N5 million; general business, N10 million, from N5 million; broker, N500,000 from N250,000; Loss Adjuster, N300,000 from N75,000 and agent N5,000. The National Insurance Commission (NAICOM) stated this in its recently released Revised Market Conduct and Business Guidelines for Insurance and Reinsurance Companies. On registration/licensing fee, NAICOM placed reinsurance on 1 per cent of paid-up share capital. Same applied to life and general business, while brokers were placed on N3.5 million from N2.5 million and loss adjuster, N500,000. According to NAICOM, a broker seeking registration has to pay N500,000 fee, while renewal fees were pegged at N300,000 for brokers, N200,000 for loss adjusters and N3,000 for agents. The commission said that change of name for reinsurance and insurance is now N100,000; brokers, N50,000 and loss adjusters, N30,000.
THISDAY