NIGERIAN SECURITY PRINTING AND MINTING PLC
“REQUEST FOR EXPRESSION OF INTEREST” (EOI) AS
INSURANCE UNDERWRITER/BROKER
DEADLINE: 27TH OCTOBER, 2020
INTRODUCTION
In preparation for the renewal of Its Insurance Policies for year 2021, the Nigeria Security Printing and Minting (NSPM) Plc hereby invites proposals from interested reputable Insurance companies and brokers that wish to participate in underwriting and management of insurance policies as follows:
The Policies Include:
1. Fire and Special Perils
2. Consequential loss on fire
3. Commercial Vehicle
4. Group Personal/Accident
5. Private Motors
6. Fidelity Guarantee
7. Goods in Transit
8. Marine
9. Machinery Breakdown
10. Group Life
ELIGIBILITY CRITERIA
All Interested Insurance Companies /Brokerage firms seeking to be considered must satisfy the following eligibility and pre-qualification criteria
a. Be a Limited liability company registered with the Corporate Affairs Commission (CAC) in Nigeria and licensed by the National Insurance Commission (NAICOM) to transact insurance and brokerage business.
b. Have a paid up share capital of not less than N3, 000,000,000.00 for general insurance. N2, 000,000,000.00 for life for Life Insurance and N5, 000,000,000.00 for composite business as per its 2019 published Annual Report and Accounts etc.
c. Evidence of submission of recapitalization plan
d. Satisfy the margin of solvency requirements as prescribed by the Insurance Act 2003.
e. Be a good corporate citizen of Nigeria that pays its taxes as at when due.
f. Fulfill all statutory requirements to operate the class of insurance business as registered
All bidders must submit the following documents as evidence to satisfy A to F above
1. Certified True Copies of the certificate of Incorporation obtained from the Corporate Affairs Commission within the last twelve months ending and CAC for CO2 (Statement of Share Capital Return of Allotment) and CO7 (Particulars of Directors)
2. Certified True Copy of National Insurance Commission (NAICOM) of the company’s current license to operate the class of business it intends to bid.
3. Company’s NAICOM approved and published Annual Audited Accounts and Reports for the year ending 2017/2018/2019,
4. NAICOM approval of Annual Audited Accounts and Returns for underwriting year ending 31st December, 2020.
5. Certified True Copy by the Federal Inland Revenue Service or Notary Public or Commissioner of Oaths of the Company’s Tax Clearance Certificate for the year end (Receipts not acceptable) 2017/2018/2019
6. Certificate of Compliance with the provision of the Pension Reform Act, 2004 Issued by the National Pension Commission (PENCOM) expiring not earlier than 31st December, 2020.
7. ECS clearance certificate as evidence of compliance with the provisions of the Employee Compensation Act 2010 Issued by Nigerian Social Insurance Trust Fund (NSITF) expiring not less than 31st December, 2020 (Receipt not acceptable).
8. Evidence of certificate of compliance with the provisions of Industrial Trust Fund (ITF) Act 2011 as issued by the ITF expiring not earlier than 31st December, 2020,
9. Interim Registration Report (IRR) for Nigerian companies as evidence of registration in the National Data Base of Bureau of Public Procurement (BPP) for federal contractors consultants and services providers (NDCCSPs).
10. A prospective bidder shall provide a sworn affidavit to support action as follows:
a. To allow NSPM PIc verify all claims made in your submission
b. To Allow NSPM verify that your organization is not in receivership or the subject any form of insolvency of bankruptcy proceedings or the subject of any form of winding up petition or proceedings.
c. To confirm that the company is not a replacement for a hitherto tax defaulting company.
d. To confirm whether or not any of the member of the relevant committees of NSPM or Bureau of Public Procurement (BPP) is a former or present Director, Shareholder or has any pecuniary interest in your company.
e. To confirm that your company does not have any Director who has been convicted in any country for a criminal offence relating to fraud or any financial impropriety or criminal misrepresentation or falsification of facts: relating to any matter.
NOTE:
Any company indebted to NSPM in respect of all discharged claims as at 30th September, 2019 will be automatically disqualified.
11. Evidence to prove at least 10 years relevant experience in insurance business. Please attach reference letters, copies of letters of awards; valuation certificates, job contact details (not PO. Box) functional phone numbers and e-mail address for at least three (3) completed projects.
12. Evidence of good business relationship with competent re-insurance brokers).
13. Documentation/evidence demonstrating experience in similar insurance cover placed in the last three (3) years as leaders or co-insurer.
14. Description of re-insurance strategy, including use of rated re-Insurance companies.
15. Current and in-place organizational structure. Experience and skills of management and technical personnel with one page resume provided for each.
16. Evidence of Re-insurance program and premium payment receipt for class of business the insurer intends to bid,
17. Evidence of financial capability to execute the project by submission of Reference Letter from a reputable commercial bank in Nigeria, indicating willingness to provide credit facility for the execution of the project when needed.
EOI Submission
All applications must be in writing, and should be submitted in sealed envelope clearly marked:
“REQUEST FOR EXPRESSION OF INTEREST” (EOI) AS INSURANCE UNDERWRITER/BROKER FOR NSPM PLC 2021, written on the front left hand corner of the envelope with the name and mailing address of the applicant company clearly marked at the back of the envelope. All information must be provided in English Language and addressed to:
The Managing Director/Chief Executive,
Nigerian Security Printing and Minting Plc,
160 Samuel Ladoke Akintola Boulevard, Garki II, Abuja.
All firms are requested to deliver their application in the designed box in room 09 first floor of the above address not later than 12:00 noon on Tuesday, 27th October, 2020.
EOI OPENING
The EOI will be opened immediately after the deadline for submission at 12:00 noon on Tuesday, 27th October, 2020 at Room 06, 2nd Floor, NSPM Plc Head Office 160 Samuel Akintola Blvd Garki II, Abuja, FCT.
IMPORTANT INFORMATION
It must be noted that:
i. Late submission shall will be returned unopened;
ii. All submissions should be arranged and numbered in the order listed above.
iii. Only companies who submitted the required information and meet the prequalification criteria will be contacted after evaluation, NSPM shall deal directly with only authorized officers of the interested companies and not through individuals or agents.
iv. All cost incurred by your company as a result of this Expression of interest (EOI) and subsequent request for information shall be to your account.
v. The Expression of interest and any related process neither creates any commitment by NSPM Plc nor establish any legal relationship.
vi. All information must be provided in English Language.
vii. Willful submission any fictitious document will attract suspension from participation in future bids.
viii. Bidders are excused from the bid opening, which will be attended by officials of private sector professional organisation and CSOs in the areas of anti-corruption/transparency. The event will be fully captured on video and can be provided to bidders on request; Bidders can submit through Post (Courier Services)
ix. Only shortlisted firms will be contacted at a later date for collection of Request for Proposals;
x. The NSPM Plc is not bound to shortlist any bidder and reserves the right to annul the Procurement process at any time without incurring any liabilities in accordance with Section 28 of the Public Procurement Act 2007
Signed:
MANAGEMENT
