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01-2902868

info@ncrib.net

Requirements for new corporate members

REQUIREMENTS FOR NCRIB MEMBERSHIP

  1. Copies of forms CO2 & CO7 stating that the Chief Executive Officer is a director with at least 25% equity shares in the Company
  2. Certificate of Incorporation
  3. Professional Indemnity Cover (any one loss 10m)
  4. Memorandum & Articles of Association
  5. Operations Manual of the Company
  6. 5years Business Plan
  7. Affidavit that;
    a) The Company has a Clients' Account
    b) The Company does not have more than 10% interest in a loss adjusting firm or Reinsurance Company
  8. Application Fee N50, 000 Payable on Submission of application forms
  9. The Registration fee is as follows

REGISTRATION FEE - 500, 000
BUILDING LEVY - 200, 000
PRE-INDUCTION TRAINING - 50, 000
COMPULSORY LEVY - 50, 000
ASSOCIATESHIP ADMISSION - 50, 000
INDUCTION FEE - 30, 000

TOTAL:  N880, 000

 

MANAGEMENT

REQUIREMENTS FOR INDIVIDUAL REGISTRATION

  • 1 Duly completed and signed Application Form (TO BE PROPOSED BY TWO ACIB OR FCIB HOLDER)
  • 2 Copies of all Credentials
  • 3 Detailed Curriculum Vitae
  • 4 Letter of Resignation from previous employer
  • 5 Letter of Acceptance of Resignation from previous employer
  • 6 Letter of Appointment from current employer
  • 7 CEO must be a director in the broking outfit
  • 8 CEO must be an insurance professional (ACIIN or ACII) with at least 5 years post qualification experience two of which must be in a broking firm at senior management level