Withdrawal of license from insurance brokerage companies

The National Insurance Commission (NAICOM) has revoked 32 insurance brokers who failed to comply with the provisions of the insurance code pertaining to license application procedure.

By law, brokerage firms are required to renew the license needed for their activity within a year, with an additional three-month grace being even granted.
Brokers who did not comply with these deadlines were removed from the list of insurance intermediaries authorized to operate.