According to the Commission the registration for approval as
a web aggregator goes through three stages detailing copy of no
objection/approval by Nigerian Communications Commission (NCC) and six other
listed requirements. Stage two lists organisational chart showing functional
responsibilities, board resolution to commence a web aggregator operation and
12 other requirements including professional indemnity cover of not less N20
million.
Furthermore, the registration process, NAICOM stated there
are 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.
The guidelines also contained that insurance intermediary
who maintain a website for providing information on products of different
Insurers. This Guidelines comes into effect on the date of release to the
insurance industry and the public;
Commission further stated that all insurance companies and
web aggregators operating under any agreement of a business relation whether
web aggregation business or otherwise shall comply with the provisions of this
guideline within sixty (60) days of its coming into effect while cited the
National Insurance Commission Act 1997, that empowered the Commission to issues:
‘Insurance Web Aggregators Operational Guidelines – 2022’.
The guidelines noted that Service Level Agreements (SLAs)
stating that such ‘agreement’ with the insurer shall be filled with the
Commission within 30 days for ratification and meeting all 16 requirements
itemised.
On mode of operations the requirements is clear on
professional indemnity which every web aggregator shall possess and continue to
maintain a professional indemnity insurance cover with a minimum limit of
liability of N20 million or 50% of its annual gross commission income
(whichever is higher) throughout the validity period of the licence granted by
the Commission.
This Guidelines shall be read in conjunction with other
relevant Legislation, Guidelines and Circulars as determined to be applicable
to the newly inclusive distribution channels approved by the Commission; and
This Guidelines shall apply to all Web Aggregators and
Insurers respectively carrying on insurance business in Nigeria;
The guidelines contained that it is the responsibility of
Web Aggregators to obtain any clarification required on the applicability of
this Guidelines, and any other Regulations from the Commission.
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