Invitation for prequalification for the services of insurance underwriters for ECOWAS Institutions

Date of publication: JULY 31, 2023
INVITATION FOR PREQUALIFICATION FOR THE SERVICES OF INSURANCE
UNDERWRITERS FOR ECOWAS INSTITUTIONS

1. The Economic Community of West African States (ECOWAS) is a sub-regional multilateral
organization created on 28 May 1975 and composed of fifteen (15) Member States. ECOWAS
currently maintains Staff benefit Insurance policies for all Staff members of its five Institutions
and Agencies and Asset policies for three of its Institutions domiciled in Nigeria. Article 48 of
the ECOWAS Staff Regulations makes it compulsory for all Institutions and Agencies to
subscribe to an Accident and Group Life Insurance policy.

2. ECOWAS wishes to engage the services of new underwriters with specific expertise, proven
track records and experience to handle its insurances. ECOWAS is seeking written proposals
from new underwriting firms to provide Insurance services that include but not limited to risk
handling, Insurance placement and servicing, risk exposure analysis, as well as general
Insurance advisory services and claims assistance. The selected underwriting firms will work
directly with the ECOWAS Administration on insurance coverages, renewals and claims
administration.

3. The scope of work of the underwriters shall include but not limited to providing insurance
cover on:
 Group Life & Group Personal Accident Insurance
 Industrial All Risks Insurance
 Motor Vehicle Insurance
 Public Liability Insurance

4. The Internal Services Department of the ECOWAS Commission thereby requests from eligible
companies to indicate their interest in providing these services. Interested companies must
provide the following information showing that they are qualified to perform the services:
GENERAL REQUIREMENTS FOR UNDERWRITERS
 Duly signed and stamped introductory letter by the company’s authorized signatories.
 Evidence demonstrating that the bidder is not in cessation of activity (bankruptcy). The
bidder SHALL provide the relevant documents including the approval letter from the
National Insurance Commission (NAICOM) confirming the bidder’s solvency margin as of
31st December 2022).
 Certified true copy of Certificate of Incorporation and Registration delivered by the relevant
Authority of the bidder’s country, such as the Corporate Affairs Commission (CAC) for
Nigeria.
 Certified true copy of current Operating License as an insurer to transact the class of
business it intends to bid, issued by the relevant insurance regulatory Authority.
 Certified true copy of the bidder’s annual audited accounts for the last five (5) years (2018,
2019, 2020, 2021 & 2022) signed and stamped by the Auditor and certified by the relevant
regulatory Authority
 Certified true copy of tax clearance certificate for the last five (5) years (2018, 2019, 2020,
2021 & 2022) delivered by and approved by the relevant regulatory Authority.
 Management and personnel profile of the bidder’s company.
 List of names & contact details of top ten (10) current clients. Every claim shall be
supported by certificate of satisfactory service, signed, sealed by the head of the
concerned client company or the principal deputy in charge of insurance management.
 Evidence of having managed Insurances of Multilateral/Regional or Multinational
Organizations like ECOWAS. (Bidders SHALL provide signed Contract or Job Completion
Certificates issued by the head of the client company or the principal deputy in charge of
insurance management).
NOTE WELL:
a. All certifications, clearances, letters, approvals, etc. mentioned above that pertain to
the relevant insurance regulatory authority must be on official letterhead(s), signed,
sealed, and delivered by the head of the regulatory body where not stated it should be
certificate of oath.
b. In the case Nigerian bidders, the regulator shall be the National Insurance Commission
(NAICOM).
SPECIFIC REQUIREMENTS FOR UNDERWRITERS
 Evidence of annual claim payment of over NGN100M or $500,000 over a five-year period
from January 2018 to date.
 Certified true copies of the bidder’s Company annual audited accounts and tax clearance
certificates for the last five (5) years (2018, 2019, 2020, 2021 & 2022), certified by the
relevant regulatory authority, clearly showing the bidder’s annual gross premium income,
shareholder’s funds and solvency margin for the five years.
 Recapitalization schedule submitted to NAICOM and evidence of compliance up to Dec.
2022. Including the approval of Recapitalization plan.
 Full detailed presentation of bidder’s company personnel and management profile with
CVs and a certification from the Pension Commission signed by the highest responsible
applicable level of authority at the Pension Commission.
 Evidence of current reinsurance cover showing capacity to cover policy. (Treaty
summaries etc.)
NOTE WELL:
a. All certifications, clearances, letters, approvals, etc. mentioned above that pertain to
the relevant insurance regulatory authority must be signed, sealed by the head of the
regulatory body.
b. In the case Nigerian bidders, the regulator shall be the National Insurance Commission
(NAICOM).
Please also note that all the above requirements are mandatory for the acceptance of
the bids. The Non-Submission of any of these documents will lead to the
disqualification of the Bidder.

5. Interested eligible companies may obtain further information at the Procurement Division,
Directorate of Administration and General Services, ECOWAS Commission, Plot 101,
Yakubu Gowon Crescent, Asokoro District, P.M.B. 401 Abuja, Nigeria. Email:
sbangoura@ecowas.int with copy to ikkamara@ecowas.int ; oolu-ibukun@ecowas.int

6. The attention of interested bidders is particularly drawn to Article 117 of the ECOWAS
Procurement Code (“Infringements by Candidates, Bidders and Awardees”), providing
information on corrupt or fraudulent practices in competing for or executing a contract. In
addition, please refer to the following specific information on conflict of interest related to this
assignment as per “Article 118 of the ECOWAS Procurement Code.

7. All submissions (1 Original + 3 Copies + one USB drive including the electronic copy
of the submission) MUST be delivered in a sealed envelope and deposited in the ECOWAS
Tender Box located in the Directorate of Administration and General Services,
Procurement Division, 1st Floor ECOWAS Commission, 101 Yakubu Gowon Crescent,
Asokoro District, P. M. B. 401 Abuja Nigeria. and clearly marked:
‘’Invitation for Prequalification for the Services of Insurance Underwriters of ECOWAS
Commission, Do Not Open, Except in Presence of the “ECOWAS OPENING
COMMITTEE” on or before Thursday 7
th September 2023 at 11.00am (GMT + 1), Nigeria
Time latest.

Prof. Nazifi Abdullahi Darma

Commissioner, Internal Services