Glanvills Brokers licence not restored, but relicensed, says NAICOM

By Abdul Olalekan

Following claims by the management of an insurance broking firm, Glanvills Enthoven Nigeria (GEN) that it’s lapsed operating licence has been reinstated; the National Insurance Commission (NAICOM) has refuted the claim.

The commission, in a statement issued by its Head, Corporate Affairs, Rasaaq Salami, and made available to Business 247 News Online on Tuesday, noted that the commission don’t reinstore lapsed licence.

According to the statement, “Their licences were not restored. The company was relicensed after it passed the re-registration criteria set by the Commission. A new licence was thus issued to the company in its old name so that it would be able to keep its old customers.

The commission added that, ‘The lapsed licences of Glanvills remain lapsed and dead and can never be restored by NAICOM.’

The firm was among the 108 insurance broking firms, whose licences were lapsed in 2015, following their inability to renew their licences before the deadline.

After much plea from the broking fraternity, NAICOM agreed to re-license the erring brokers in their old names, subject to meeting some requirements. This, according to the commission, was to allow them retain their customers and carry out their businesses as usual.

Glanvills, alongside others, were asked to pay a licensing fees of N2.25 million, application fee of N250,000, submission of Professional Indemnity, Sworn Declarations, Other Declarations, Tax Clearance for the expired period of license, Certificate on Oath from the External Auditors, among others, if they still wants to operate in the old names.