Follow Us on Google
From Uche Usim, Abuja
The National Insurance Commission (NAICOM) has adjusted the fees it charges for various applications.
In recent times, there has been a surge in the volume of new players in the Nigerian insurance space and such fresh entrants are expected to pay a non-refundable fee of N10 million as against an initial N5 million, showing a 100 per cent increase in the fee payable by new operators.
According to NAICOM, the 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.
These were contained in its recently-released Revised Market Conduct and Business Guidelines for Insurance and Reinsurance Companies.
With regards to registration/licensing fees, NAICOM placed reinsurance on 1 per cent of paid-up share capital. The same applies to life and general business, while brokers were placed on N3.5 million from N2.5 million and loss adjuster, N500,000.
According to the Commission, a broker seeking registration has to pay a fee of N500,000, while renewal fees were pegged at N300,000 for brokers, N200,000 for loss adjusters and N3,000 for agents. The commission said that the change of name for reinsurance and insurance is now N100,000; brokers, N50,000 and loss adjusters, N30,000.
The Commission noted that all the adjustments were geared towards boosting service delivery.
