NAICOM will provide operational licenses to eligible online aggregators

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The National Insurance Commission (NAICOM) has set a minimum share capital of N5 million and a registration charge of N3 million for web aggregators.

In a few months, the web aggregators will be given operational licenses.

A web aggregator is an insurance middleman or insurance company that provides clients with a comparison of insurance products as well as the rates of various insurance classes.

‘Rasaaq ‘Salami, the Commission’s Head of Corporate Communications and Market Development, said NAICOM has received a large number of applications, which are being reviewed by the licensing department to determine which ones fulfill the guidelines’ standards.

A web aggregator that does not have an insurance web aggregator license will not be able to rank and compare different insurance providers and their products.

Only insurance items can be displayed by web aggregators. Web aggregators enable for policy solicitation as well. Solicitation is done through an internet portal, where the customer receives information directly from the company.

According to NAICOM, a web aggregator must have a minimum share capital of N5 million at the time of application and maintain that level during the duration of the license. Every year, after the completion of the books of accounts, they must submit to the commission a financial condition duly confirmed by an external auditor.

An aspiring investor must pay a non-refundable application fee of N500,000, followed by licensing fees of N2.5 million and license renewal fees of N1 million.

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