DEADLINE: 25TH MAY, 2021
THE NIGERIAN SECURITY PRINTING AND MINTING PLC
REQUEST FOR EXPRESSION OF INTEREST (EOI) FOR INSURANCE UNDERWRITERS/BROKERS
(1) INTRODUCTION
In preparation for the renewal of its Insurance Policies for the second part of the year 2021 (July 1st to December 31st, 2021) the Nigerian 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 its insurance policies as follows:
The Policies include:
(i) Fire and Special Perils
(ii) Consequential loss on fire
(iii) Commercial Vehicle
(iv) Group Personal Accident
(v) Private Motors
(vi) Fidelity Guarantee
(vii) Goods in Transit
(viii) Marine
(ix) Machinery Breakdown
(x) Group Life.
(2) ELIGIBILITY REQUIREMENTS
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 Capital of not less than N3,000,000,000.00 for General Insurance, N2,000,000,000.00 for Life Insurance and N5,000,000,000.00 for Composite Business as per its 2020 published Annual Report and Accounts etc.
(c) Satisfy the margin of solvency requirements as prescribed by the Insurance Act 2003.
(d) Be a good corporate citizen of Nigeria that pays its taxes as at when due.
(e) 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 E above;
(i) Certified True Copies of the certificate of Incorporation obtained from the Corporate Affairs Commission within the last twelve months ending and CAC forms C02 (Statement of Share Capital Return of Allotment) and C07 (Particulars of Directors)
(ii) Certified True Copy of National Insurance Commission (NAICOM) of the company’s current license to operate the class of business it intends to bid.
(iii) Company’s NAICOM approved and published Annual Audited Accounts and Reports for the year ending 2018, 2019, 2020.
(iv) NAICOM approval of Annual Audited Accounts and Returns for underwriting year ending 31st December, 2020.
(v) 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 (Receipts not acceptable) 2018, 2019, and 2020, expiring on 31st December, 2021.
(vi) Certificate of Compliance with the provision of the Pension Reform Act, 2014 as amended issued by the National Pension Commission (PENCOM) expiring on 31st December 2021.
(vii) 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 on 31st December 2021 (Receipts not acceptable)
(viii) Evidence of certificate of compliance with the provisions of Industrial Trust Fund (ITF) Act 2011 as issued by the ITF expiring on 31st December 2021.
(ix) Evidence of Registration on the National Database of Federal Contractors, Consultants and Service Providers by submission of Interim Registration Report (IRR) expiring on 31/12/2021 or valid Certificate issued by BPP.
(x) A prospective bidder shall provide a sworn affidavit to support action as follows:
- To allow NSPM Plc. verify all claims made in your submission.
- To allow NSPM Plc. verify that your organization is not in receivership nor the subject of any form of insolvency of bankruptcy proceedings or the subject of any form of winding up petition or proceedings.
- To confirm that the company is not a replacement for a hitherto tax defaulting company.
- To confirm whether or not any of the member of the relevant committees of NSPM Plc. or Bureau of Public Procurement (BPP) is a former or present Director, Shareholder or has any pecuniary interest In your company and to confirm that all information presented in its bid are true and correct in all particulars
- To confirm that your company does not have any Director who has been convicted in any country for a criminal offense relating to fraud or any financial impropriety or criminal misrepresentation or falsification of facts, relating to any matter.
NOTE:
Any company indebted to NSPM Plc. in respect of all discharged claims as at March 31st, 2020 will be automatically disqualified.
(xi) 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 P.O. Box) functional phone numbers and e-mail address; for at least three (3) completed projects/jobs.
(xii) Evidence of good Re-insurance Treaty provided by a reputable Re-insurance company.
(xiii) Documentation/evidence demonstrating experience in similar insurance cover placed in the last three (3) years as leaders or co-insurer.
(xiv) Description of re-insurance strategy, including use of rated re-insurance companies.
(xv) Current and in-place organizational structure. Experience and skills of management and technical personnel with one page resume provided for each.
(xvi) Evidence of Re-insurance program and premium payment receipt for class of business the insurer intends to bid.
(xvii) 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,
(3) SUBMISSION OF EXPRESSION OF INTEREST (EOI)
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.
ALL EXPRESSION OF INTEREST AS INSURANCE UNDERWRITER/ BROKER should be addressed and forwarded 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 drop in the designed box in room 09, first floor of the above address. The submission should reach the above address not later than 12:00 noon on Tuesday, 25 May, 2021.
(4) OPENING OF EOI
The EOI shall be opened immediately after the deadline for submission at 12:00 noon on Tuesday 25 May 2021, at
Room 06,
2nd Floor, NSPM Plc,
Head Office
160 Samuel Akintola Boulevard
Garki II,
Abuja – FCT
(5) IMPORTANT INFORMATION
It must be noted that:
(i) Late submission shall be returned un-opened
(ii) All submissions should be arranged and numbered in the order listed above.
(iii) 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 of any fictitious document will attract suspension from participation in future bids.
(viii) Presence of bidders/representatives and members of the public shall not be required during the bid opening ceremony in compliance with COVID-19 Guidelines. The Bids Opening will be covered by video recording with the presence of two (2) representatives of private sector professional bodies and Civil Society Organisation in the areas of Anti- Corruption/Transparency and shall be made available to bidders upon request;
(ix) Bidders can submit through Post (Courier Services);
(x) Only shortlisted firms will be invited at a later date for collection of Request for Proposals;
(xi) 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
NB: COVID-19 PROTOCOLS WILL BE STRICTLY OBSERVED DURING THE EXERCISE
