Only 300 insurance brokers have valid license to do business’

The National Insurance Commission (NAICOM) said only 300 insurance brokers out of over 500 operators have valid license to do business as the end of March 2016. This was released in the Commission’s website.

The Commission in December 2015, published the names of 108 insurance brokers for their failure to meet the regulatory requirements, especially, failure to renew their licenses.

It was learnt that 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.

When their names were made public then, the commission said 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.

Modestus Anaesoronye