In line with the recent digitalisation of its supervisory and regulatory processes, the National Insurance Commission has released what it tagged, “Insurance Web Aggregators Operational Guidelines” for all web aggregators and insurers.
According to the commission, registration for approval as a web aggregator goes through three stages detailing copy of no objection/approval by Nigerian Communications Commission and six other listed requirements. Spelling out the registration process, NAICOM stated that there were three stages; stage one begins with physical verification of web aggregator head office address and IT infrastructure to be deployed, followed by payment of licence fee and the ultimate, issue of licence.
NAICOM further stated that the indemnity cover shall be on a yearly basis for the entire period of its licence.
Source: Insurance Report (insurancereport.net)
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