The National Insurance Commission (NAICOM) has said that Glanvills Enthoven Nigeria (GEN), a brokerage firm has been re-registered and licensed to continue its business in the insurance market.
A statement by Head, Corporate Affairs NAICOM, Rasaaq Salami, noted that the company was re-licensed after it passed the re-registration criteria, adding that a new licence was thus issued to the company in its old name so that it would be able to keep old customers.
He noted that the lapsed licence of the company remain dead and can never be restored by the commission.
Salami said “Recall that the Commission in December 2015, published names of 108 insurance brokers for failure to meet regulatory requirements, especially, failure to renew their licenses.”
Majority of the erring firms were sanctioned for violating certain provisions of the insurance law, such as; late submission of their returns to the regulatory body, while some did not even submit returns for several years, non-renewal of operating licence, among other offenses.
According to the commission, the affected firms would not be allowed to renew their operating licences, while those who are still interested to continue operating in insurance industry would be asked to apply for a fresh licence.
The commission, through a circular, said an insurance broker whose licence has lapsed and wishes to re-register under the same name should submit a Letter of Appeal giving reasons why the last licence lapsed and payment of non-refundable fee (N250, 000.00) for processing of the appeal.
Moreover, it charged the intending broker to equally submit Application for Re-registration, if appeal is sustained by the commission, adding that such interested broker must pay a payment of application fee of N250,000, submit Certified True Copy of CAC’s Forms C02 and C07, Evidence of payments of the fee and payment of all outstanding ISS levies due before the license lapsed.
Other requirements listed in the circular include: Nomination of qualified CEO and Executive Management for NAICOM’s approval; Submission of a Management Account/Statement of Account as at the last day of last month of the period since the last approved account and apply for NAICOM’s approval of the Members of the Board of Directors.
NAICOM pointed out that there would be re-registration Inspection of Broker to determine non-violation of the Insurance Act and payment of penalties for identified violations/non-compliance, while the interested broker is to attend and be successful at the re-registration interview.
According to the commission, interested brokers are requested to submit; Professional Indemnity, Sworn Declarations, Other Declarations, Tax Clearance for the expired period of license, Certificate on Oath from the External Auditors and Payment of License Fee of N2, 250,000.00, after which the licence would be issued to those that fulfill all the listed requirements.