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GUIDELINES FOR MICROINSURANCE OPERATIONS IN NIGERIA
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NATIONAL INSURANCE COMMISSION,
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DECEMBER 2013
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CONTENTS
SECTION 1: OVERVIEW
Introduction 3
Objectives 3
Concept of Microinsurance
3
Scope of Microinsurance Risks
4
SECTION 2: REGISTRATION REQUIREMENTS
Eligibility for Specialized Microinsurer 4
Market Structure 5
SECTION 3: PRODUCTS
Distribution Channels
5
SECTION 4: PRUDENTIAL STANDARDS
Minimum Paid-Up Share Capital 6
Statutory Deposit 6
Reinsurance 6
Product Bundling 6
Risk Management 6
Rate of Commission 7
Premium Payment 7
Liquidity Status 7
Solvency Margin 7
General Reserve (Life Funds)
7
Contingency Reserve
7
Actuarial Valuation
8
Investments
8
SECTION 5: SUPERVISORY REQUIREMENTS
Product Performance
9
Statutory Returns and Accounts
9
Inspection
9
Service Level Agreement
9
SECTION 6: MARKET CONDUCT
Claims Administration
10
Conflict Resolution 10
Consumer Protection 10
Complaint Management 10
Know Your Client Requirements (KYC) 11
Capacity Building 11
Advertisement 11
SECTION 7: CORPORATE GOVERNANCE
Corporate Governance 11
SECTION 8: FINES AND PENALTIES
Fines and Penalties 12
SECTION 9: EXIT/SUSPENSION/CANCELLATION
Exit/Suspension/Cancellation 12
Appendix 1 – Glossary of Terms 13
Appendix 2 - Schedule 1 14
Section 1: Overview
1.0: Introduction
In exercise of the powers conferred by section 7 of the National Insurance
Commission Act 1997, the National Insurance Commission (hereinafter referred to
as the Commission) hereby establishes uniform set of rules, regulations and
standards for conduct of Microinsurance business in Nigeria.
This Guidelines shall take effect from 1st January, 2014
1.1 Objectives
The main objectives of this
Guidelines are to:
·
Provide minimum standards for the conduct of Microinsurance in
Nigeria.
·
Ensure consumer protection.
·
Establish general features of Microinsurance.
·
Establish duties and responsibilities of Microinsurance operators
and service providers.
·
Establish conditions for entry and exit from the Microinsurance
market.
1.2 Concept of Microinsurance
·
For the purpose of this Guidelines, Microinsurance is defined as
“insurance that is developed for low income populations, provided by licensed
institutions, run in accordance with generally accepted insurance principles,
and funded by premiums”.
·
Microinsurance products are insurance products that are designed to be appropriate for
the low income market in relation to cost, terms, coverage and delivery
mechanism (as contained in schedule 1).
·
In addition, Microinsurance products shall have the following
features:
·
Simplicity - The policies, conditions, procedures and marketing must be simple.
·
Understood – The risk pooling method, procedures and coverage must be unambiguous and
easily understood.
·
Accessibility – Microinsurance
products must be accessible to the target market in terms of purchase, premium
payments and claims.
·
Valuable – Microinsurance products or services shall be designed to meet the
needs of clients, be beneficial, fair in price and coverage.
·
Efficiency - The delivery/distribution channels must be efficient to both the insurer
and the policyholders.
1.3: Scope of Microinsurance
·
The scope of Microinsurance risks is as contained in schedule 1(b).
·
Where an operator is in doubt as to the scope of a particular risk, the
operator is required to seek guidance from the Commission.
·
A Microinsurance operator who neglects or fails to seek the
clarification referred to above and thus insures such risks not within the
scope of Microinsurance, shall be deemed to have transacted business for
which it is not licensed to transact.
2.0: Registration Requirement
2.1 Eligibility for Microinsurers:
·
Specialized:
Any person or persons who wish to operate as a specialized Microinsurer
must meet the under-listed requirements:
·
Must be a Limited Liability Company
·
The Company shall be registered by the Commission as a Microinsurance
Company
·
Have the Minimum Capital requirement as prescribed by the Commission
·
Microinsurance forms, terms and conditions has been approved by the Commission
·
There shall be such competent and professionally qualified persons as
required by the Commission to run the Company.
·
The Directors have attended the promoters’ interview and are adjudged
suitable and have not been disqualified by the provisions of the Insurance Act
2003 or any relevant Law.
·
The applicant has paid the fees prescribed for registration
·
The applicant has submitted a satisfactory 5-year business plan and
feasibility study of the Microinsurance business to be transacted.
·
The Commission shall if satisfied register the applicant as a Microinsurer
and issue to the applicant a certificate of registration
·
Conventional Insurer:
Any insurer who intends to transact Microinsurance must meet the
following requirements:
·
A distinct department shall be established by the Board of Directors to
handle its Microinsurance operations.
·
The department shall be headed by an officer not below the rank of AGM who
must possess a minimum of 5 years post Associate of Chartered Insurance
Institute qualification or a minimum of 7 years working experience in a
technical department of an insurance institution.
·
The insurer has sought and obtained the Commission’s approval to transact Microinsurance
business.
2.2 Market Structure
·
Operators
·
Licensed insurance institutions
·
Specialized Microinsurance underwriter
·
Service providers/Agents
·
This comprises distributors of Microinsurance products or other
organizations or entities that provide Microinsurance services rather
than underwriting of Microinsurance risks
·
A Microinsurance Service Provider/Agent shall be appointed by a Microinsurer
evidenced in the Service Level Agreement/Letter of Appointment respectively
·
Brokers/Loss Adjusters
All licensed brokers/loss-adjusters by the Commission are eligible to
provide brokerage/loss adjustment services for Microinsurance business.
3.0 Product:
·
All Microinsurance products, terms and conditions as well as claims
forms shall be submitted by the underwriter to the Commission for approval
before introduction into the market.
·
If after 30 days of filing, the Commission does not object or require
further clarification, the applicant may commence the use of the product.
3.1 Distribution Channel
The following channels of distribution or aggregators may be utilized to
reach potential Microinsurance consumers:
·
Cooperative Societies
·
MFIs, MFBs,
·
Non-Governmental Organisations
·
Postal Agents
·
Mobile Payment System
·
Telecommunications
·
Brokers, Agents
·
Trade Organizations
·
Health Service Providers
·
Esusu/Adashi group
·
Age grade
·
Faith based organizations
·
Self employed market women
·
Any other channels of distribution
4.0 Prudential Standards
All Microinsurance operators shall comply with the following
prudential standards:
4.1 Minimum paid-up share capital requirement
Any Microinsurer intending to commence a specialized Microinsurance
business shall have a minimum paid-up share capital as follows:
·
Life Microinsurance business N150,000,000
·
General Microinsurance business N200,000,000
The Commission may increase from time to time the amount of minimum paid up
share capital as stated above.
4.2 Statutory deposit
A specialized Microinsurer shall maintain with the Central Bank of
Nigeria a statutory deposit of 10% of the minimum capital requirement.
4.3 Reinsurance
A Microinsurer shall maintain adequate and valid reinsurance arrangements. A copy of the
reinsurance treaty arrangement shall be submitted to the Commission on or
before 31st December of the preceding year.
4.4 Product Bundling:
·
A Microinsurer carrying on general insurance business may offer general and
life Microinsurance products and vice versa; provided there is an
arrangement between the general Microinsurer and life Microinsurer,
whereby the life portion of the business is transferred to the life Microinsurer
and vice versa.
·
It shall be the responsibility of the general Microinsurer to settle
the claims and subsequently recover the portion of the claims due from the life
Microinsurer and vice versa.
·
Where such an arrangement exists, a Memorandum of Understanding detailing
the terms of the contract between the parties shall be forwarded to the
Commission for approval.
4.5 Risk Management:
All Microinsurers shall comply with the “Guidelines for Developing a
Risk Management Framework for Insurers and Reinsurers in Nigeria” issued by the
Commission, but for the purpose of section 2.7(b) of the Risk Management
Framework, the equivalent of an AGM shall suffice.
4.6 Rate of Commission:
·
Life insurance business: not more than 10% (single premium policies) and
20% (Non-single premium policies).
·
Non-life insurance business: not more than 15% of the premium.
4.7 Premium Payment
·
The receipt of insurance premium shall be a condition precedent to a valid Microinsurance
contract.
·
An insurance premium collected by a service provider (including brokers and
agents), in respect of a Microinsurance business transacted through the
service provider shall be deemed to be premium paid to the Microinsurer
involved in the transaction.
·
The Service Level Agreement (SLA) shall contain timeline for premium
collection notification and premium remittance.
4.8 Liquidity Status
A Microinsurer shall, in respect of its Insurance business in
Nigeria, maintain at all times a 50% Liquidity Margin being the excess of the
value of its admissible current assets in Nigeria over its current liabilities
in Nigeria.
4.9 Solvency Margin
A Microinsurer shall, in respect of its Non-life business, maintain
at all times a margin of solvency being the excess of the value of its
admissible assets over its admissible liabilities in Nigeria. The solvency
margin shall not be less than 15% of the premium income or the minimum capital
requirement whichever is higher.
4.10 General Reserve (Life Funds)
A Microinsurer shall, in respect of its life business in Nigeria,
maintain a General Reserve Fund which shall be credited with an amount equal to
the Net Liabilities on policies in force at the time of the actuarial valuation
and additional 25% of Net Premium for every year between valuation dates.
4.11 Contingency Reserve
A Microinsurer shall maintain a
Contingency Reserve Fund which shall be credited with an amount equal to: -
·
1% of Gross Premium or 10% of the Net Profit (whichever is greater) and the
amount shall accumulate until it reaches the amount of the minimum paid-up
capital, with respect to its life Microinsurance business in Nigeria, or
·
3% of the Total Premium or 20% of Net Profits (whichever is greater) and
the amount shall accumulate until it reaches the amount of the minimum paid-up
capital or 50% of the Net Premium (whichever is greater), with respect to its
Non-life Microinsurance business in Nigeria.
4.12 Actuarial Valuation
·
A Microinsurer transacting life Insurance business shall in
respect of its life business once in every period of 3 years, cause an investigation
to be made into its financial position by an Actuary appointed or secured by
the Insurer. The investigation shall include –
·
A valuation of assets and liabilities of the Microinsurer.
·
Determination of any excess over those liabilities of the admissible assets
representing the funds maintained by the Microinsurer.
·
For the purpose of this investigation, the value of any asset and the
amount of liability shall be determined in accordance with applicable valuation
regulations.
4.13 Investments
A Microinsurer shall at all times, in
respect of the insurance business transacted by it in Nigeria, invest and hold
invested in Nigeria assets equivalent to not less than the amount of Policyholders’
Funds in such accounts of the Insurer.
·
The Policyholders’ Funds shall not be invested in, except the followings:
·
Shares of Limited Liability Company
·
Shares in other securities of a co-operative society
·
Loans to building societies approved by the Commission
·
Loans on real property, machinery and plant in Nigeria
·
Loans on life policies within their surrender values
·
Cash deposits or Bills of Exchange accepted by licensed banks
·
Such other investments as may be prescribed by the Commission from time to
time.
·
A Microinsurer transacting either General or Life business in
Nigeria shall not invest:
·
More than 10% of the Policyholders’ Funds in real-properties
·
More than 5% of the Policyholders’ Funds in Unquoted Equity
·
More than 40% of the Policyholders’ Funds in Quoted equity
·
More than 5% of the Policyholders’ Funds in Equipment Leasing
·
Policyholders’ Funds in any Subsidiary
·
More than 25% of the Shareholders’ Funds in Associates, Subsidiaries and
related Companies
·
More than 20% of the total Equity Investments in the security of one
company
·
More than 25% of the total current accounts balances and bank placements in
any one bank
·
In its parent company
5.0 Supervisory Requirements
5.1 Product Performance
All Microinsurers shall submit quarterly returns which shall contain
the following information:
·
Number of policies underwritten
·
Name(s) of policyholders
·
Total premium generated
·
Commission due, paid and outstanding
·
Claims due, paid, outstanding and duration
·
Claims declined and reasons for non-settlement
·
Expense ratio
·
Claims ratio
·
Any other relevant information
5.2 Statutory Returns and Accounts
·
A Microinsurer shall, not later than 30th June of each
year, submit its Annual Returns and Accounts to the Commission in accordance
with the provisions of Sections 26 to 29 of the Insurance Act 2003.
·
Conventional insurers underwriting Microinsurance shall maintain and
submit separate returns on its Microinsurance transactions.
5.3 Inspection
The Commission may cause an inspection of the office and records of any Microinsurer,
service provider or intermediary at any time if it is deemed necessary by the
Commission.
5.4 Service Level Agreement
·
A Microinsurer shall prior to appointing a service provider execute
a Service Level Agreement. The agreement shall contain the following minimum
standards:
·
Rights and obligations of either party
·
Premium Collection Notification Clause
·
Premium Remittance Clause
·
Claims Administration Clause
·
Commission payment
·
Records management
·
Know Your Customer (KYC) clause
·
Any other requirement as the Commission may from time to time prescribe
·
A Microinsurer shall submit to the Commission for approval, a copy of the Service Level
Agreement (SLA) between the operator and the service providers.
·
The Microinsurer shall be held liable for any act or omission of the
service provider(s) in the discharge of its obligations.
6.0 Market Conduct
The Microinsurance products should be presented to consumers using
simplified marketing and technical procedures which may be different from the
conventional Insurance. Thus, the risk pooling procedures and coverage must be
unambiguous and should be clearly understood.
6.1 Claims Administration
·
The terms and conditions of Microinsurance contract shall contain a
claims settlement clause. The clause
shall provide the maximum period within which claims must be settled or
declined after notification.
·
Claims payments may be made through the broker/service provider where
premiums are paid through them. Where
claims are settled through broker/service provider, it shall be the
responsibility of the Microinsurer to put in place a mechanism for
ensuring that the claims are promptly remitted to the beneficiary.
·
Evidence of premium payment may be considered as evidence of Microinsurance
contract.
6.2 Conflict Resolution
·
All cases of disagreement involving the stakeholders in respect of Microinsurance
policy should be referred to a three-man arbitration to be constituted as
follows:
·
The first arbitrator shall be nominated by the aggrieved party; the second
arbitrator shall be nominated by the defendant, while the third arbitrator
shall be nominated by the two arbitrators. Where the parties are unable to
resolve a dispute by the arbitration mechanism or where the two arbitrators
fail to agree on the nomination of the third arbitrator, the case shall be
referred to the Commission for adjudication. This is without prejudice to the
right of any of the parties to seek redress from a court of competent
jurisdiction.
6.3 Consumer Protection
All proposal forms shall contain a declaration to be signed or accepted
electronically by the proposer that the terms and conditions of the contract
have been explained and understood by the proposer.
6.4 Complaint Management
·
It shall be the responsibility of the Microinsurer to put in place
policies and procedures for quick resolution of clients’ complaints.
·
The Microinsurer shall submit a quarterly report to the Commission
in respect of its handling of complaints/grievances against the Microinsurer,
broker(s), service provider(s) and agent(s). Where there are no complaints, a
nil returns shall be submitted to the Commission.
6.5 Know your Customer Requirement (KYC)
A Microinsurer shall conduct minimum KYC on the insured in order to minimize the risk of
fraud. For group insurance, there shall be a schedule containing details of the
policyholders and their next of kin. For this purpose, the National Identity
Card, Driver’s License or any other recognized means of identification would be
sufficient.
6.6 Capacity Building
·
Every Microinsurer shall conduct a minimum of two (2) days training
per annum for each of the staff of the Service providers/Agents involved in Microinsurance
marketing. Evidence of such training and list of trainees for the previous
year, shall be submitted to the Commission not later than 31st March
of the subsequent year.
·
The Commission shall from time to time prescribe minimum contents of the
training.
·
Conventional agents and brokers can also transact Microinsurance
without additional requirement however; the contract terms must be in line with
Microinsurance terms including commission rates.
6.7 Advertisement
·
All Microinsurers shall submit to the Commission advertisement
specimen. If after 30 days of filing, the Commission does not object or require
further clarification, the applicant may commence the advertisement.
·
Where the advertisement is to be carried out by a third party such as
service providers, intermediaries etc, it shall be the responsibility of the Microinsurer
to file such with the Commission in line with this section.
·
The Commission may restrain the advertisement at any time if found to be
inappropriate.
·
Corporate Governance
·
Microinsurance operations shall be subject to the provisions of the Code of Good
Corporate Governance issued by the Commission. However, the principle of
proportionality shall apply where necessary.
·
The Chief Executive Officer shall have a minimum of 7 years post
qualification working experience for associates of the Chartered Insurance
Institute of Nigeria or its equivalent. For non-associate members of the
Chartered Insurance Institute of Nigeria, a minimum of 10 years working
experience in the Technical Department of an insurance institution may suffice.
·
The Head of Technical Department shall have a minimum of 5 years post
qualification working experience for associates of the Chartered Insurance
Institute of Nigeria or its equivalent. For non-associate members of the
Chartered Insurance Institute of Nigeria, a minimum of 7 years working
experience in the Technical Department of an insurance institution may suffice.
·
Directors must be fit and proper persons.
8.0 Fines and Penalties
Any contravention of this guidelines shall attract appropriate sanction in
line with the provisions of the Laws.
9.0 Exit/Suspension/Cancellation
·
A Microinsurer who intends to exit from the market shall be subject
to the relevant provisions of the Insurance Act 2003.
·
The license of a Microinsurer may be suspended or cancelled where it
has contravened specific provisions of the law.
APPENDIX
1
Glossary of Terms
·
Service provider: An organization that provides a service which could be administrative,
data processing, claims management or any other function required to deliver
insurance. These organizations do not underwrite risks.
·
Service Level Agreement: This is a document containing the terms and conditions of a contract
between a Microinsurer and a broker/service provider(s).
·
Conventional Brokers/Agents: These are brokers/agents registered under the Insurance Act 2003.
·
Specialized Microinsurers: These are Companies licensed to underwrite only Microinsurance
businesses.
APPENDIX
2
Schedule 1
·
The sum insured under a Microinsurance policy(ies) shall not be more
than N1,000,000 per person per insurer.
·
Microinsurance policies shall exclude special risks, motor insurance (except tricycles
and motorcycles), professional indemnity and other pecuniary risks with sum
insured higher than N1,000,000. All third party liability risks with sum
assured above N1,000,000 are also excluded.
APPENDIX 3
FORM 1
APPLICATION FOR REGISTRATION AS A SPECIALIZED MICROINSURANCE
OPERATOR
(a)……………………………………………………………………………………………………………………………………
NAME OF APPLICANT
To: The National Insurance Commission
NAME OF APPLICANT
To: The National Insurance Commission
1. This application for the registration of the above
mentioned applicant as a Specialized Microinsurance Operator under the Microinsurance
Guidelines 2013.
(b)………………………………………………………………………………………………………………………..
Directors of the applicant by whom this application is signed.
2. The
applicant is a Company incorporated and registered under the Companies and
Allied Matters Degree 1990 and its registration number
(c)………………………………………………………………………………………………………………………….
(c)………………………………………………………………………………………………………………………….
3. The name of the applicant is stated above and its
registered office within the meaning of section 630 (2) of the Companies and
Allied Matters Degree 1990 is
(d)…………………………………………………………………………………………………………………………………
4. The particulars of the share capital of the applicant
are as follows:
Authorized:
(e)N……………………………………………………………………………………………………………………………....
Issued:
(f)N…………………………………………………………………………………………………………………………………
Paid:
(g)N…………………………………………………………………………………………………………………………………
(e)
Issued:
(f)
Paid:
(g)
(5) The
class or categories of Microinsurance business in respect of which this
application is made are as follows:
(h) ……………………………………………………………………………………………………………….………………….
(h) ……………………………………………………………………………………………………………….………………….
(6) It
is proposed that the principal office of the applicant shall be situate
……………………………………………………………………………………………………….……………………………….
(7) The
Chief Executive shall be ……………………………………………………………………................
8) This application is accompanied by a certified copy of
each of the following documents, that
is…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….etc
is…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….etc
(9) The
fee of (h) N ……………………………………………………………. Payable in respect of this
Application
has been paid to the Commission vide receipt No. …………………………………… of
………………………………………………………
………………………………………………………
10) We have been duly authorized by the applicant to
submit this application on its behalf.
Date: ………………………………………………… 20….
Signature (o)
………………………………………………………
Director
Director
………………………………………………………
Director
Director
APPENDIX 4
FORM 2A
CERTIFICATE OF
REGISTRATION AS A SPECIALIZED MICROINSURANCE OPERATOR
(a)………………………………………………………………………………………………………………………………….
Registration No
(b)……………………………………………………………………………………………………….…
It is hereby certified that
(a)……………………………………………………………………………………………………………………………....
has this (c)……………………………………………..day of ………………………………………..
20…. been
registered to commence / carry-on as a Specialized Microinsurance Operator under the Microinsurance Guidelines 2013 to transact Life/ General Microinsurance Business:
registered to commence / carry-on as a Specialized Microinsurance Operator under the Microinsurance Guidelines 2013 to transact Life/ General Microinsurance Business:
(d)………………………………………………………………………………………………………………………….……
……………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………..……………………….
…………………………………………………………………………………………………………………………………..
Dated this ……………………………….. Day of ……………………………………………. 20…
Signature (e)
………………………………………………………………………………………….
Commissioner for Insurance
Commissioner for Insurance
APPENDIX
REGISTRATION REQIUREMENTS FOR SPECIALISED
MICROINSURANCE OPERATORS
·
The applicant must be a Limited Liability Company registered under the
Companies and Allied Matters Act (CAMA Act 2004).
·
The applicant shall choose to
underwrite the following businesses:
- Life
Microinsurance
- General
Microinsurance
3. Minimum
paid-up share capital requirements:
- Life
Microinsurance business N150,000,000
·
General Microinsurance business N200,000,000
·
Submission of completed application “Form 1” to be
accompanied with:
·
A non-refundable Registration Fee of N500,000 for life
business; and N750,000 for general business.
·
The applicant shall pay for Certification Fee of
N1,000,000 for life business; N1,250,000 for general business.
·
Certificate of incorporation in the Company’s name from CAC
·
Particulars of directors (form C07)
·
Particulars of share holders (form C02)
·
Registered address ( form C06)
·
Memorandum and Article of Association (MEMART)
·
Evidence of payment of minimum
deposit with the Central Bank of Nigeria
(i.e. 50% of paid up share capital)
·
The applicant shall submit its
5-year business plan and feasibility study of Microinsurance to be transacted,
which shall contain the minimum of:
·
Background of the Company
·
Organizational Structure of the Company
·
Details and list of shareholders of the Company
·
Vision Statement
·
Mission Statement
·
Targeted Low Income groups and Service providers
·
Expected Volume of Business
·
IT tools and its relevance to the business
·
Investment, Accounting, MIS reporting etc.
·
Corporate Governance
·
Detailed employment/career history of the proposed CEO, Senior Management
team and Secretary of the Company with evidence of qualifications
·
Copy of the CEO’s appointment letter and his acceptance letter
·
Evidence of resignation or formal disengagement of the proposed CEO from
his previous employment and acceptance of his resignation by previous employer
·
A declaration by the CEO/Director that the business shall be transacted in
accordance with sound Microinsurance principles
·
A sworn affidavit by each Director, Manager and Secretary that he/she is
not disqualified under the provisions of section 12(1) of the Insurance Act
2003 from being a Director, Chief Executive, Manager or Secretary (details to
be stated in the affidavit) together with a recent passport photograph of the
Directors, Chief Executive, Managers and Secretary.
·
Evidence of acceptable access of Service providers to low income groups
·
For Life Microinsurance Company the
following are required:
·
Signed statement of Actuary on group premium rates
·
Non-forfeiture values
·
Benefits
·
Terms and conditions of proposed products
·
Method of distributing profits between policyholders and shareholders
·
Table of premium rates and their basis
·
Submission of Proposed products
along with the following:
·
specimen copies of Proposal forms
·
Policy documents
·
Cover notes
·
Certificates
·
Claims forms
·
Nature and basis of Premium Rating and Procedures
·
Commission rates on each product
·
Evidence of adequate and valid reinsurance treaty
·
Operational Manuals on Underwriting, Reinsurance & Claims
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