Registration for Insurance and Reinsurance
REGISTRATION AND DOCUMENTATION (From Section 6, 6.10-6.1.4 of the Market Conduct & Business Practice Guidelines)
Check List for Insurance & Reinsurance Registration
Stage 1: Preliminary Stage
a) Submission of Letter of Intent from the Promoter(s).
b) Request the Promoter( s) to provide the following:
i) Profile of the Directors/current CV of the proposed CEO stating minimum qualification in accordance with Section 31 of Insurance Regulation 2003.
ii) A Sworn Declaration of Non-Disqualification of the proposed Directors in accordance with Section 2(1) of the Insurance Act 2003 shall be submitted.
iii) Proposed Company name.
iv) Draft Memorandum and Articles of Association (MemArt) of the Proposed Company.
v) Evidence of Financial Soundness of the Shareholders supported by Sworn Affidavit confirming such.
vi) Evidence of Confirmation (Clean Bill of Health) from the Primary Regulator and Approval to the Promoter/Joint Venture Partners by the Regulator (where necessary).
vii) Holding Company Structure and Funding - if Company is a Part of Holding Company.
viii) The Class of Insurance (whether General, Life and/or Reinsurance Insurance Business) to be transacted. .
c) Invitation Letter to the Promoters for Pre-qualification Interview.
Stage 2: Application Stage
a) Submission of Completed Registration Application Form along with the following:
i) Certificate of Incorporation of a Limited Liability Company.
ii) Certified True Copy of the Memorandum and Articles of Association of the Company.
iii) Final Memorandum of Articles of Association.
iv) Particulars of Directors (Form CO7).
v) Allotment of Shares (Form C02)
vi) Situation of Registered Office (Form C06)
vii) 5-Year Business Plan and Feasibility Study on the proposed Class of Business and Target Market which shall contain the following as a minimum:
a) Background of the Company.
b) Organizational Structure of the Company.
c) Vision, Mission and Objectives of the Company.
d) A Description of the Proposed Geographical
e) Area(s) of Operation
viii) Information Technology (IT) Tools and its relevance to the business.
ix) Underwriting and Marketing Procedures and Processes
x) Investment, Accounting, Management Information System (MIS) Reporting etc.
xi) Complaint and Grievance Management Systems and Procedures.
xii) Evidence of Payment of Non-refundable Application Fee.
xiii) Issuance of Letter of Authorisation to CBN on Statutory Deposit.
Stage 3: Verification Stage
I) Evidence of compliance with Minimum Paid-Up Capital Requirements: N3 Billion; (General), N2 Billion; (Life), N10 Billion (Reinsurance)
ii) Evidence of Minimum Deposit with the Central Bank of Nigeria (Le. 50% of Paid Up Share Capital).
iii) Details and Employment/Career History of the Proposed CEO, Senior Management, Secretary and Heads of Departments.
iv) Good Corporate Governance Framework for Insurance & Reinsurance
v) Copy of the CEO'S Appointment Letter and his Acceptance Letter.
vi) Copy of the CEO'S resignation of appointment in the former place of employment and the Acceptance of same.
vii) A Declaration by the CEO/Director that the business shall be transacted in accordance with Sound Insurance Principles.
viii) A Sworn Affidavit by each Director, Manager and Company 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 Company Secretary (details to be stated in the Affidavit) together with recent Passport Photographs.
ix) Completed Personal History form of Directors and other Principal Officers
x) The class of insurance (whether General, Life, or Composite) with specimen documents of the following (where applicable):
a) Proposal forms
b) Policy documents
c) Cover notes / Certificates
d) - Claims forms
e) Table of premium rates and their basis
xi) Evidence of adequate and valid reinsurance/retrocession arrangement of the Company.
xii) Statement as to the method of distributing profits as between policyholders and shareholders in the case of life business (Where Applicable)
xiii) An Actuary statement or report as to the calculation of premium Rates and Non- forfeiture values (in case of life), terms and conditions to be offered and other related issues.
xiv) The reinsurance business intended to be transacted and sample of Cover Notes and/or contract wordings.
Stage 4: Registration Stage
i) Pre-Registration Interview
ii) Publication of Applicant to Members of Public.
iii) Notification of Success or Otherwise After 21 Days of Publication.
iv) Issuance of Letter of Success.
v) Evidence of Payment of Registration Fee
vi) Issuance of Certificate Registration