National Insurance Corporation (NAICOM) has disclosed that it has received applications from people seeking operational license to operate web aggregators.
Head, Corporate Communications and Market Development of NAICOM, Rasaaq Salami, disclosed this in Lagos yesterday, adding that the insurance sector regulator has received applications and that the lincencing department was reviewing them.
NAICOM had pegged the minimum share capital of web aggregator at N5 million and registration fee at N3 million. Web aggregators are insurance companies that provide information on underwriting businesses offered by different companies.
They also provide a comparison of insurance products and prices of different insurance products. Salami explained that the web aggregator concept was developed to compare different prices of insurance products, adding that the aggregators either maintain a website or own a website to provide information on insurance products for regulating companies and as such, they need licences to operate.
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He said having an insurance web aggregator licence would not only permit the companies to display insurance products, but also solicitation of policies, adding that solicitation is done through online portal where information provided to the customers.
According to NAICOM, a web aggregators are expected to have a minimum share capital of not less than N5 million as of the date of application and shall continue to maintain the same capital base throughout the licence period, even as the web aggregator shall submit daily financial position to the commission.
