A Requirement For Registration General Insurance Business – Faqontech

A requirement for Registration General Insurance Business

by Ayorinde Ayodeji

1 Application Form 1 (Obtained from the Commission)

2 Evidence of payment of N30, 000, 000 Registration Fees to National Insurance Commission (1% of Minimum paid-up share capital)

3 Certificate of Incorporation in the Company`s name from CAC

4 Certified True copy of the Memo and Article of Association of the Company.

5 Certified True copy of form;

    CO2 – Share Allotment Form

    CO7 – Particulars of Directors

    CO6 – Situation of Registered Office

6 Certificate of Statutory deposit of N1, 500,000,000 (50% paid-up share capital) with the Central Bank of Nigeria.

7 A statutory business plan and feasibility study of the insurance business to be transacted within the next five (5) years

8 A statement as to the method of distributing profits as between policy holders and shareholders

9 A specimen copies of proposal forms, terms and conditions of the policies

10 Evidence of adequate and valid reinsurance treaty and retrocession arrangements of the company

11 Table of premium rates and their basis

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12 A declaration by the Chief Executive Officer as to the location of the principal office or registered office of the company

13 Copy of appointment letter and acceptance of same by the proposed Chief Executive Officer

14 Evidence of the resignation or formal disengagement of the proposed Chief Executive of Head of Department from his previous employment and acceptance of same by previous employer

15 Curriculum Vitae and credentials of the proposed Chief Executive Officer

16 A statement signed by the proposed Chief Executive that the notice of his appointment is served with his knowledge and consent

17 A declaration by the Chief Executive and two directors who signed the application form that the business shall be transacted in accordance with sound insurance principles.

18 A Sworn Affidavit By Each Director, Chief Executive, Manager and Secretary that he/she is not qualified 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, Manager and Secretary.

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19 Completed personal history form containing names, addresses and employment history, including directorship of other companies of the Chief Executive and all other Directors of the company for the past ten (10) years.

20 Names, qualifications, experience and address of each of the proposed heads of departments and executive directors. Evidence of expertise must be provided including formal practical training in Insurance Business.    

NOTE:  Life Insurance Company MUST have a minimum of N3 Billion Share Capital duly registered by corporate Affairs Com

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