Finance & capitalFinanceNigeria
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.
- Procedure
- 4steps
- Coordination
- 3agencies
- Category
- Finance & capitalFinance
Task links
Go to the exact next page
Application, requirements, forms, fees, and tracking are labelled separately.
RequirementsRead the CAC / CIIN service pageCAC / CIIN · licensing.naicom.gov.ng⚠ we could not reach this source from outside Nigeria — it may still work for you↗Form or guideOpen the official documentCAC / CIIN · naicom.gov.ng↗RequirementsRead the official requirementsNigerian Council of Registered Insurance Brokers (NCRIB) · ncrib.net↗
Routing map
Who you will deal with
CAC / CIINNational Insurance Commission (NAICOM)Nigerian Council of Registered Insurance Brokers (NCRIB)
Procedure
The steps, in order
Each route below is scoped to the step it can actually complete.
01 Incorporate and meet fit-and-proper criteria
- Agency
- CAC / CIIN
- What is required
- 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.
- Documents
- Certificate of Incorporation; MEMART; CIIN registration; directors' 10-yr profiles
- Typical timeline
- Setup
Use for this step02 Apply to NAICOM
- Agency
- National Insurance Commission (NAICOM)
- What is required
- Submit the licence application with corporate documents, Personal History Statements for all directors, and evidence of professional indemnity insurance.
- Documents
- PHS forms; audited/opening accounts; professional indemnity cover
- Typical timeline
- Application stage
03 Register with the NCRIB
- Agency
- Nigerian Council of Registered Insurance Brokers (NCRIB)
- What is required
- Membership of the NCRIB is mandatory for licensed brokers.
- Documents
- NAICOM application; membership documents
- Typical timeline
- Concurrent
04 Meet capital & client-fund rules and get licensed
- Agency
- National Insurance Commission (NAICOM)
- What is required
- 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.
- Documents
- Capital evidence; client-account setup
- Typical timeline
- On satisfaction