Energy insurance, NAICOM establishes rules for brokers

The authorities in charge of the Nigerian insurance industry have introduced new rules. The brokers involved in energy risks must have a third party liability insurance worth a minimum of 100 million NGN (658 900 USD). They must also have a representation office in one of the federate states producing oil in Nigeria.
Brokers who wish to participate in the Nigerian energy business, must also hold a license from NAICOM and have at least a qualified employee in this class of business.