Knowing Eligibility Criteria For Obtaining License As Web Aggregator
With the release of insurance web aggregators’ guidelines by the National Insurance Commission (NAICOM) in February 2022, there are certain conditions the intending web aggregators are expected to meet for the granting/renewal of license.
Web aggregators are Insurance Intermediaries who maintain a website for providing information on products of different Insurers.
To be licensed as Web Aggregator, according to NAICOM, an applicant seeking a grant of License as Web Aggregator shall complete the application form as prescribed in Schedule I of the Guideline and such application shall be made for a Web Aggregator license, along with the requisite fees as specified in the Guidelines.
The Applicant shall submit the evidence of approval/No Objection Letter from Nigerian Communication Commission (NCC) before securing the license to operate as Web Aggregator from the Commission.
The Commission may require an applicant to furnish any further information or clarification for the purpose of disposal of the application and thereafter, in regard to any other matter as may be deemed necessary by the Commission.
The applicant shall appear before the Commission for personal representation in connection with an application and in the event of a change of the name of any Insurer, the Web Aggregator partnering with such Insurer shall be apprised of the development.
For Validity of License, according to NAICOM, a License issued shall be valid for a period of two years, unless same is suspended or cancelled pursuant to this Guidelines, the applicant must be registered with the Corporate Affairs Commission (CAC)
“The Memorandum of Association of the Company shall have the business of web aggregation as its main objective.
“The applicant is not engaged in any other business other than the main objects of the Memorandum of Association.
“The applicant shall have a minimum share capital of N5 million registered with CAC.
“The applicant shall employ/designate a Principal Officer to manage the Company on full time.
“The Principal Officer shall possess a minimum qualification and must have relevant University first degree qualification or its equivalent and Information and Technology (IT) related qualification and/or relevant training experience.
“The Principal Officer must satisfy the conditions of fit and proper person criteria set out by the Commission. The applicant must have the necessary infrastructure, such as an adequate and conducive office, an adequate customer base and necessary IT equipment to effectively discharge its duties,” the guidelines explained.
