Finance · Nigeria
Obtain an insurance broker licence (NAICOM)
License an insurance broking firm with NAICOM under NIIRA 2025: incorporate & meet fit-and-proper → apply to NAICOM → register with NCRIB → meet capital, indemnity & client-fund rules.
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Who you will deal with
The steps
- Incorporate and meet fit-and-proper criteria
- CAC / CIIN
- Incorporate as an LLC. The CEO/Managing Partner must be registered with the Chartered Insurance Institute of Nigeria (CIIN), and at least one director needs 3+ years insurance/reinsurance experience.
- Certificate of Incorporation; MEMART; CIIN registration; directors' 10-yr profiles
- Setup
- Apply to NAICOM
- National Insurance Commission (NAICOM)
- Submit the licence application with corporate documents, Personal History Statements for all directors, and evidence of professional indemnity insurance.
- PHS forms; audited/opening accounts; professional indemnity cover
- Application stage
- Register with the NCRIB
- Nigerian Council of Registered Insurance Brokers (NCRIB)
- Membership of the NCRIB is mandatory for licensed brokers.
- NAICOM application; membership documents
- Concurrent
- Meet capital & client-fund rules and get licensed
- National Insurance Commission (NAICOM)
- Meet the NIIRA 2025 minimum capital and professional indemnity; hold client funds in separate 'Clients' Account of…' accounts at NDIC-insured banks; hold ≤10% equity in any insurer/loss adjuster. NAICOM issues the licence on satisfaction.
- Capital evidence; client-account setup
- On satisfaction
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The numbers behind the decision
Knowing the process is half of it. ONYX also tracks the operating environment you are entering — daily grid generation, official FX, state-level input prices and inflation, and sector output — each figure source-linked and dated.