The National Insurance Commission (NAICOM) has come out with new directives on registration procedures for insurance brokers. A statement made available to the News Agency of Nigeria (NAN) from NAICOM, said the directive would take effect from March 1.

As from that date, all applicants must register with the Nigerian Council of Registered Insurance Brokers (NCRIB) with evidence of registration forwarded to (NAICOM). It said that all applicants must obtain a prescribed application form at a non-refundable fee of N25, 000 from any of its offices in Abuja, Lagos, Enugu, and Kano. "Upon receipt of duly submitted forms, NAICOM will then process them, with only short listed applicants moving to the pre- interview stage.''

Details of all applicants would be published in two national dailies for the public to register their objections. It said that approval would be given in principle and the necessary fee paid, if no adverse objection was registered by any member of the public against such applicants.