How To Register An Insurance Company In Nigeria
What you can do though is register for NHIS online. In Nigeria both life and non-life companies invest in real estate although the guideline for the minimum investable amount differs as life companies can allocate as much as 35 of insurance funds to this asset class whereas non-life companies have a limit of 25.
Also the cost of registration for companies with share capital varies depending on the worth of the share capital of the business.
How to register an insurance company in nigeria. That way you will be able to manage your account and see the information of your dependants. After name has been approved use the availability code to start process of registration and fill all necessary forms on the Company Registration Portal. Vacant Great Nigeria House.
Complete pre-registration form CAC-BN01 and upload relevant registration documents and information online using Company Registration Portal. However the oldest indigenous insurance company in Nigeria was called African Insurance Company Limited. The National Insurance Commission NAICOM was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration supervision regulation and control of insurance business in Nigeria and protection of insurance policyholders beneficiaries and third parties to insurance contracts.
Fusion_builder_container hundred_percent The general public is hereby informed that Companies Business Names and Incorporated Trustees may now apply to the Commission for the creation of Electronic Accounts for their Entities. 8 Omo-osagis Street Off Awolowo Road Ikoyi SWI Lagos Life. 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 Companys name from CAC.
With reference to the provisions of the relevant sections of the Act answer the following questions. Great Nigeria Insurance Plc. A walk to the Corporate Affairs Commission will tell you more.
4 Certified True copy of the Memo and Article of Association of the Company. B Request the Promoter s to provide the following. The Nigeria General insurance agent NAICOM is the regulatory agency for general insurance company in Nigeria.
The cost of registering a private company is different from the cost of registering a public company. A Submission of Letter of Intent from the Promoters. You will need to fill in your NHIS number surname and date of birth to register an online account.
Form SEC 2 and 2D Directors of the Company To be completed in duplicates Minimum Paid-Up Capital and Fidelity Insurance Bond. I Profile of the Directorscurrent CV of the proposed CEO stating minimum qualification in accordance with Section 31 of Insurance Regulation 2003. You are beginning a company and cannot just register a company name alone theres more to it than that.
Bank balances fixed asset or Investment in quoted Securities. The steps for company registration in Nigeria include. Check List for Insurance Reinsurance Registration Stage 1.
Company registration online with CAC through its online platform involves several steps that must be adhered to strictly in getting the desired results. Great Nigeria Life Assurance Ltd. C State the conditions for and processes of cancellation of registration as insurer.
The Nigerian insurance industry consists of 57 registered insurance companies 14 of them are in the life insurance business while 43 are the non-life insurers. What is the name of the first insurance company in Nigeria. The first step for the registration is to obtain an NSITF ECS RE01 Form from the NSITF office nearer to the location where the applicants office is located.
The first major step during incorporation of a company online with CAC is by filing for a name reservation online. Evidence of Required Minimum Paid up Capital N300000000 Three Hundred Million Naira ie. Welcome To The National Insurance Commission.
Get Enrolled With Regulatory Agencies. 8 Omo-osagis Street Off Awolowo Road Ikoyi SWI Lagos. Royal Exchange Assurance Agency created in 1918 was the first insurance company in the history of insurance in Nigeria.
It started providing services in 1958. B Outline the requirements for registration as an insurer in Nigeria. The cost of registering a company in Nigeria depends on the type of company.
A State and explain the requirements for establishing insurance business in Nigeria.
