INSPENONLINE: Why NAICOM didn't inform NCRIB of new license fee

Monday 25 February 2013

Why NAICOM didn't inform NCRIB of new license fee

Chuks Udo Okonta

The National Insurance Commission (NAICOM) has said it failed to officially inform members of Nigerian Council of Registered Insurance Brokers (NCRIB) of the new licensing
processing fee because existing members are not affected.

The Assistant Director Corporate Affairs NAICOM, Lucky Fiakpa,
told Inspen that there is no need to communicate the Nigerian Council of Registered Insurance Brokers (NCRIB) since the rule is for prospective brokers.

President Mrs 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 has 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 31^{st 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.}

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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