NAICOM pegs filing of financial statements fee at N1m for insurers, N2m reinsurers

The National Insurance Commission (NAICOM) has said each company shall at the time of submission of annual returns and audited financial statements pay the following filing fees; Composite Insurers N2,000,000.00; Life Insurers N1,000,000,00; General Insurers N1,000,000.00; Reinsurers N2,000,000.00; Takaful Insurers N500,000.00 and Micro insurers N300,000.00.

The insurance industry regulator stated this in the Prudential Guidelines for Insurance Institutions in Nigeria released recently.

Before release of the new guidelines, life and general insurance operators do pay N500,000 for filing of their documents

NAICOM on insurance levy returns and recovery of one per cent levy on approval-in principle to reinsure abroad, said; an insurer shall, not later than 31st of March of each year, file with the Commission a duly completed schedule of business generated by the insurer in the previous year for the purpose of insurance levy assessment.

It maintained that assessments made pursuant to the above paragraph shall be confirmed, modified or varied on presentation of audited financial statements as at 31st December of each year.

It noted that any amount assessed must be fully settled on or before 30th September of the following year.

NAICOM stated that every sum payable by an Insurer by way of insurance levy that remained unpaid after 30th September of the year of assessment shall attract interest at the rate of 2 .5 per cent above the Central Bank of Nigeria Monetary Policy Rate (MPR).

It noted that in order to recover one per cent attestation levy paid by an insurer on approval in-principle to reinsure abroad, only the insurer or lead insurer that paid the levy to the commission on behalf of other co-insurers shall henceforth
claim such levy by way of offset from the gross annual levy as assessed by the Commission at the time of processing its annual returns.

The Commission submitted that any recovery arising the transaction stated above shall be by market arrangement between the contracting parties on the AIP.


By Chuks Udo Okonta