The National Insurance Commission (NAICOM) has said that it will be richer by N74 million if the 36 state governments, including the Federal Capital Territory (FCT) agree to set up State Insurance Producers (SIPs) that will act as brokerage firms in their states.

The amount is based on the N2 million requested by the commission as the license fee, and renewable every two years as outlined in the guidelines for their operation set for roll-out by the commission.

The anticipated 37 agencies, under the guidelines, are to sign a Memorandum of Understanding (MoUs) with insurance underwriters in their jurisdictions.