• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Friday, March 24, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home News

NAICOM Out With Web Aggregators Guidelines, Plus N20m Professional Indemnity

Staff Reporter by Staff Reporter
February 7, 2022
in News
0 0
0
NAICOM Head office
0
SHARES
440
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

National Insurance Commission has released “Insurance Web Aggregators Operational Guidelines” effective 1st February 2022 for all web aggregators and insurers to serve as a working document to register, supervise and monitor web aggregators as insurance intermediary who maintain a website for providing information on products of different insurers.

The registration for approval as a web aggregator goes through three stages detailing copy of no objection/approval by Nigerian Communications Commission (NCC) and six other listed requirements. Stage two lists organisational chart showing functional responsibilities, board resolution to commence a web aggregator operation and 12 other requirements including professional indemnity cover of not less N20 million.

NAICOM demands that “All insurance companies and web aggregators operating under any agreement of a business relation whether web aggregation business or otherwise shall comply with the provisions of this guideline within sixty (60) days of its coming into effect.” The guideline defined a web aggregator as a company registered under the Companies and Allied Matters Act of 1991 (CAMA) and approved by NAICOM “which maintains/owns a website and avails information pertaining to insurance products and price/features comparisons of products of different insurers and offers leads to an insurer.

Spelling out the registration process, NAICOM stated there are three stages; stage one begins with physical verification of web aggregator head office address and IT infrastructure to be deployed, followed by payment of licence fee and the ultimate, issue of licence.

The guidelines goes further on service level agreements (SLAs) stating that such ‘agreement’ with the insurer shall be filled with the Commission within 30 days for ratification and meeting all 16 requirements itemised.

On mode of operations the requirements is clear on professional indemnity which every web aggregator shall possess and continue to maintain a professional indemnity insurance cover with a minimum limit of liability of N20 million or 50% of its annual gross commission income (whichever is higher) throughout the validity period of the licence granted by the Commission.

The requirement further clears that the indemnity cover shall be on a yearly basis for the entire period of its licence. There are registration/renewal fees specified; first is, N500,000.00 non-refundable application fee; second, the licencing fee N2.5m. The third is renewal fee of N1 million payable after every two years.

However, the renewal application and documentation shall be submitted at least 45 days prior to the date of expiration of licence. The regulator also offers 30 days of grace following the lapse of licence to allow for renewal of licence and any business transacted after this period shall attract a minimum penalty of N1 million or 10 times the commission received on each transaction(s), whichever that is higher.

Previous Post

Health Insurance, Nigeria Finds Space In World Bank & WHO Universal Health Plan

Next Post

CIIN, NCRIB Collaborate On Compulsory Insurances, Syllabus

Staff Reporter

Staff Reporter

Related Posts

Image Spin: Farewell For Omolola Adekunle Bankole
News

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Confab Mic
News

Conference To Address Satisfaction As Driver Of Insurance And Pension Penetration Positions

February 28, 2023
World Risks Shift In Current Geopolitical Alignments
News

World Risks Shift In Current Geopolitical Alignments

February 2, 2023
Next Post
CIIN, NCRIB Collaborate On Compulsory Insurances, Syllabus

CIIN, NCRIB Collaborate On Compulsory Insurances, Syllabus

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6397
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

6130
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

5159
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1384
Anchor MD Loses Father

Anchor MD Loses Father

1377
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

916
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

860
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

357
Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

321
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

255
NAICOM Head office

Insurers Claims Paid In 2022 Q4 Increases By 18%, N244.3bn Obligation To Customers

March 24, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023

Recent News

NAICOM Head office

Insurers Claims Paid In 2022 Q4 Increases By 18%, N244.3bn Obligation To Customers

March 24, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Over 2,100 RSA Holders Make Maiden Dash For Transfer Window

PenOp Creates Bastion Of Effective Leadership For Pension Professionals

March 14, 2023
Allianz Combines Commercial Insurance Divisions

Allianz Combines Commercial Insurance Divisions

March 14, 2023
Preferred PenCom Logo

PenCom Knocks Lagos For Consistent Failure To Pay N2bn Monthly Commitment To Retirees

March 13, 2023
Guinea Insurance Takes The Stride Of Fresh N900m Capital

Guinea Insurance Takes The Stride Of Fresh N900m Capital

March 9, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

NAICOM Head office

Insurers Claims Paid In 2022 Q4 Increases By 18%, N244.3bn Obligation To Customers

March 24, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In