CIRCULAR ON COMMISSIONS, REBATES AND RETURNED PREMIUMS
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1 NATIONAL INSURANCE COMMISSION HEAD OFFICE: Plot 1239 Ladoke Akintola Boulevard Garki 11,Abuja, P.M.B. 457, Garki Abuja, Nigeria.: Website: NAICOM/CFIO/DCTICOM-CIR/2014/007 April 01,2014 Circular to all Insurance Institutions in Nigeria CIRCULAR ON COMMISSIONS, REBATES AND RETURNED PREMIUMS The National Insurance Commission (hereinafter referred to as "Commission"), in the exercise of its statutory powers conferred on it by the enabling laws, hereby issue this Circular for compliance by all insurance institutions in Nigeria. The Circular is issued to provide guidance on Rebates, Commissions, Return and Refund premiums in order to effectively monitor same. 2.0 Rebates and Brokerage Commissions 2.1 It shall be illegal for any Insurance Institutions to solicit, offer or allow commissions and/or rebates in the transaction of Insurance Businesses except as provided by the extant Insurance Laws and guidelines. For the avoidance of doubts, Over-Riding Commission, Business Acquisition fees and other similar fees not provided for by the Nigerian Insurance Laws shall not be solicited, deducted, offered or paid in respect of any insurance transaction in Nigeria. 2.2 An Insurer, who grants or receives a rebate, offer, demand, payor receive commission contrary to Section 53(1)-(3) of the Insurance Act 2003 may, in addition to the penalty prescribed by Sections 53(4) and 76 of the Insurance Act, 2003, shall be liable to other penalties as prescribed. 2.3 Each Insurer shall submit a quarterly return on the rebates, brokerage commission and other fees paid out or payable on all its production during the preceding quarter to the Commission, not later than 14 days from the end of the quarter. The return shall be in accordance with format prescribed in form ICR2.3a. 1 LAGOS CONTROL OFFICE: Alagbon, Ikoyi Road, Ikoyi, P.M.B , VI Lagos.ENUGU ZONAL OFFICE: No 151busa Independent Layout, Enugu KANO ZONAL OFFICE: 6B Ahmadu Bello Way, Kano, ILORIN ZONAL OFFICE: Federal Mortgage Bank House, Asa Dam Road, florin, PORT HARCOURT ZONAL OFFICE: No. 8 Ada George Road, Off NTA Ngbuobe Port Harcourt,
2 2.4 In addition to the provision of Section 41(1) of the Insurance Act, 2003, a Broker shall submit to the Commission a copy of his dedicated Client account, duly stamped and signed by the bank and a quarterly return of the brokerage commission received, receivable or deducted at source, taxes paid and rebates received during the preceding quarter on all businesses not later than 14 days from the end of the quarter. 3.0 Return or Refund Premium 3.1 For the avoidance of doubt and in line with Article 3(9) of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLlCFT) Regulation 2013, no Insurer, broker or its agents shall charge or receive premiums in excess of the actual premium on an insurance policy that may result in refunding the excess amount paid or with the intent of returning the excess in any form, by cash or otherwise to the insured, its agents or any party thereafter. 3.2 An Insurance Institution shall keep and maintain a register of return or refund premiums in hard copy, where transactions are to be entered on the day they are made. The register shall be presented in such a manner to include:- i) The date of transaction; ii) Policy number; iii) Name of client; iv) Name of insurer/broker/agent; v) Gross premium received with date; vi) Commission paid with date; vii) Net premium; viii)excess premium returned/refunded; and ix) Reasons for the return or refund premium. 3.3 Similarly, a register of policies cancelled or reversed after the receipt of premium or credit note from the broker must be kept and maintained by an Insurer. A Broker shall also maintain a register of cancelled businesses where the premium had earlier been received, notwithstanding whether it has been remitted to the insurer or not. 3.4 All payments for returned premium which must be approved by the CEO of the Insurance company shall be made in the name of the original insured or proposer. 2
3 3.5 An Insurance Institution shall submit to the Commission a monthly soft copy of the report of Returned or Refunded Premiums and cancelled/reversed businesses in 3.2 and 3.3 above by the 3 rd working day of the succeeding month in the format provided herewith and a Quarterly Report in hard copy not later than 14 days from the end of each quarter. The hard copy above must be signed by the Chief Compliance Officer and Head of Internal Audit of the Insurer and the Managing Director/CEO in the case of Brokers. 3.6 Where there was no incidence of returned premium in any month, the Institution shall file a "Nil Return" in accordance with Section 3.5 above. 3.7 Any unexplained payment or where the explanation, in the opinion of the Commission, is not satisfactory, such payment shall be deemed suspicious and subject to appropriate treatment under extant laws. 4.0 Penalty: 4.1 Any Insurance Institution that fails or omits to comply with the content of this Circular shall be penalized in line with relevant provisions of the Insurance Act, 2003, the NAICOM Act, 1997, Regulations, Guidelines and such other penalties as may be prescribed by the Commission from time to time. 5.0 Commencement of Reporting: 5.1 The first report as contained in 2.3, 2.4, 3.5 and 3.6 covering the quarter 1st April to 30th June 2014, shall be submitted not later than the 14th of July Strict compliance is required. Mohammed Kari Deputy Commissioner (Technical) 3
4 -0 ICR2.3a ABC INSURANCE COMPANY PLC COMMISSION & REBATE RETURNS APPROVED OTHER DEDUCTIONS/ NAME OF GROSS COMMISSION RATE NET COMMISSION BROKERAGE OR REBATES (GIVE AMOUNT S/NO DATE POLICY NO. RISK TYPE NAME OF CLIENT BROKER /AGENT SUM INSURED PREMIUM (%) RATE (%) COMMISSION DETAILS) NET PR EM RECEIVED RECEIPT NO. REMARKS ~.~.' 'I' I I ABC INSURANCE COMPANY PLC RETURN/REFUND PREMIUM SCHEDULE. "\ " ICR3.5a "'""'" - OTHER DEDUCTIONS/ NAME OF NAME OF BROKER DEBIT/ CREDIT GROSS BROKERAGE OR REBATES (GIVE DATE OF RECEPT EXCESS DATE REFUNDED/ NAME OF S/NO DATE POLICY NO. CLIENT /AGENT SUM INSURED NOTE NO. PREMIUM COMMISSION DETAILS) NETPREM AMOUNT RECEIVED OF PREMIUM RECEIPT NO. PREMIUM RETURNED PAYEE
5 " I I ABC INSURANCE BROKERS LIMITED COMMISSION & REBATE RETURNS IBR2.4a APPROVED OTHER NAME OF GROSS COMMISSION RATE NET COMMISSION BROKERAGE OR DEDUCTIONS AMOUNT SINO DATE POLICY NO. RISK TYPE NAME OF CLIENT INSURER SUM INSURED PREMIUM (%) RATE (%) COMMISSION (GIVE DETAILS) NETPREM RECEIVED RECEIPT NO. REMARKS.? ~if -~.- ABC INSURANCE BROKERS LIMITED RETURN/REFUND PREMIUM SCHEDULE ICR3.5b NAME OF DEBITI CREDIT GROSS BROKERAGE OR OTHER DEDUCTIONS AMOUNT PAID DATE OF RECEPT EXCESS DATE REFUNDED/ NAME OF S/NO DATE POLICY NO. CLIENT NAME OF INSURER NOTE NO. SUM INSURED PREMIUM COMMISSION (GIVE DETAILS) NETPREM TO INSURER OF PAYMENT RECEIPT NO. PREMIUM RETURNED PAYEE
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