NAICOM receives application from 4 new insurance brokers

The National Insurance Commission (NAICOM) says it has received four new applications from companies intending to go into insurance brokering businesses.

The commission named the applicants in a public notice as including Oremus Insurance Brokers Limited Lagos, Assent Insurance Brokers Ltd Ibadan, YOA Reinsurance Brokers Limited Lagos and Swat Insurance Brokers Limited, Abuja.

If their applications are approved by the industry regulator, the applicants will join the over 500 insurance brokers in the country to transact insurance broking businesses.

NAICOM in the public notice stated that it had commenced the process of registration of the companies and called on members of the public to submit any objections to the companies within 21 days from today…

Basically, an insurance broker sells, solicits, or negotiates insurance for compensation.