Why NAICOM didn’t notify NCRIB of new license fee

  The National Insurance Commission (NAICOM) said did not officially inform members of Nigerian Council of Registered Insurance Brokers (NCRIB) of the new licensing processing fee because exiting members are not affected.

The Assistant Director Corporate Affairs NAICOM, Lucky Fiakpa,

said there is no need to communicate NCRIB since the rule is for prospective brokers, Ispenonline reports.

Laide Osijo, said the NCRIB, had only heard rumour about the new fee, adding that the issue will be discussed with the Commissioner for Insurance Fola Daniel, when he visits the council tomorrow.

NAICOM had said intending Insurance Brokers would henceforth pay N2.5million as license processing fees from January 1.

It noted that the fees will be paid as follows: application – N250, 000.00 and licensing for successful outcome of process – N2, 250,000.00.

NAICOM said as part of efforts aimed at effective service delivery, the registration of new brokers will be carried out in two batches annually.

It said consequently, operating licenses to successful applicants in the first batch would be issued on June 31 of each year, while the second batch shall be issued on December 31 of the same year.

The commission noted that all relevant documents for applications for the first batch are expected to reach the commission not later than March 31, while those for the second batch should have been received in the Commission on or before September 30 for processing.

“Meanwhile, applications and or support documents received after the cut-off dates of March 31st or September 30th shall be treated as part of the next batches for consideration in the succeeding second half of the year.

“This clarification had become imperative to enable adequate preparations, necessary due diligence enquiries, publications in the media and more significantly, to afford time certainty for service delivery,” NAICOM said.