Insurance companies shall be vendors of insurance products on InsuranceMarket. Enrollment as a vendor in InsuranceMarket is free, at this time. The only requirements for an Insurance company to be enrolled as a vendor in the market are
a. The company must have a valid license from the regulator, the National Insurance Commission (NAICOM)
b. At least 4 staff of the company must attend a training program on e-Insurance organised by InsuranceMarket. The cost of the training is N50,000 per delegate
Use of InsuranceMarket is free to buyers of Insurance products. Buyers on the market are charged no fee but vendors are charged a transaction fee which is a percentage of the transaction value.
InsuranceMarket operates a free entry and free exit policy. Any qualified company may choose to enroll in the market at any time and exit at anytime. The management of InsuranceMarket reserves the right to de-enroll any company that breaches its rules or that is notorius for not paying genieu claims as at when due, thereby bringing the industry to ridicule.