News
NAICOM Adjusts Licensing Fee for New Insurance Operators by 100%
Following the recent increase in application, reinsurance and insurance firms venturing into Nigerian insurance market will now pay a non-refundable fee of N10 million as against initial N5million, showing 100 per cent increase in the fee payable by new operators.
According to NAICOM, application fee which is non-refundable for reinsurance operation is now N10 million as against N5 million paid in the past; Life business, N10 million, from N5 million; general business, N10 million, from N5 million; broker, N500,000 from N250,000; Loss Adjuster, N300,000 from N75,000 and agent N5,000.
The National Insurance Commission (NAICOM) stated this in its recently released Revised Market Conduct and Business Guidelines for Insurance and Reinsurance Companies.
On registration/licensing fee, NAICOM placed reinsurance on 1 per cent of paid-up share capital. Same applied to life and general business, while brokers were placed on N3.5 million from N2.5 million and loss adjuster, N500,000.
According to NAICOM, a broker seeking registration has to pay N500,000 fee, while renewal fees were pegged at N300,000 for brokers, N200,000 for loss adjusters and N3,000 for agents.
The commission said that change of name for reinsurance and insurance is now N100,000; brokers, N50,000 and loss adjusters, N30,000.
It said change of ownership (acquiring majority share) fee is put at one per cent of the acquisition amount for reinsurance and insurance, adding that certificate fee per year for audited account is N50,000, while certificate of operation for insurance and brokers is N50,000.
The Commissioner for Insurance, Sunday Thomas, said NAICOM would continue to grant operating licence to insurance and reinsurance firms that show and have capacity to impact the underwriting sector.
He noted that the commission would continue to encourage the development of the insurance sector by ensuring that capable players are welcomed into the system.
The commission said it would address the lingering recapitalisation that has dragged in the industry for so long.
“Finance Act provisions recently issued late last year, NAICOM has studied the provisions and came up with regulatory guidance which we will soon issue to the market, and with the guidelines, the lingering issue of recapitalisation would be resolved, ”the commissioner said.
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Participants at the event
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Jim Ovia
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
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