NAICOM pegs brokers' license processing fees at N2.5mn

Chuks Udo Okonta

Intending Insurance Brokers would henceforth pay N2.5million as license processing fees, the National Insurance Commission (NAICOM), has said.

The insurance industry regulators in a circular on Registration of New Insurance Brokers, said the fees took effect from January 1, adding that the fees will be paid as follows: application – N250, 000.00 and licensing for successful outcome of process – N2, 250,000.00.

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

NAICOM 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.

It said 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.

NAICOM said: "Meanwhile, applications and or support documents received after the cut-off dates of March 31<sup>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."</sup>