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SEPLAT-

INVITATION TO TENDER FOR PROVISION OF INSURANCE SERVICES

SEPLAT
OPERATOR OF THE NNPC/SEPLAT JOINT VENTURE
TENDER OPPORTUNITY: (PROVISION OF INSURANCE SERVICES)
NIPEX TENDER REFERENCE: (00000047)

1. INTRODUCTION:
The SEPLAT, Operator of the NNPC/SEPLAT JV is seeking qualified Insurers for the Provision of Group Life Assurance Policy for OML 53. OML 53 covers an area of approximately 1,585km2 and is located onshore in the North Eastern Niger Delta. The Jisike oil field, located in the northwestern area of the block, is currently the only producing field on OML 53. SEPLAT invites submission from reputable Nigerian registered Insurance Companies having “world-class” experience in the provision of insurance services for major Oil and Gas companies.

2. SCOPE OF WORK:
The OML 53 Insurance cover is for the Group Life Assurance. The Insurer shall retain a percentage of the risk in Nigeria and re-insure the excess capacity with leading foreign underwriters with A+ rating by S & P. The Insurer will liaise with the jointly appointed re-insurance Broker for the purpose of re-insurance with foreign Underwriter. The insurer will also handle claims services, policy documentation, renewals, endorsement etc.

BASIC REQUIREMENTS SUPPORTING DOCUMENTS
Any Insurance Company seeking to be selected must satisfy the following conditions:(1)   Be a Limited Liability Company registered in Nigeria and licensed by the National Insurance Commission (NAICOM) to transact General and Life businesses.(2) Have a net asset of not less than N3billion as per its last published Accounts for its general business.(3) Have acquired good experience in Oil and Gas insurance business.(4) Have adequate and qualified staff with experience in Oil and Gas Insurance business.(5) Must be in good standing as regards prompt settlement of all claims reported to date.(6) Must be a good corporate citizen of Nigeria that pays its taxes as and when due. The interested Insurer must have the following documents :(1)   A certified true copy of the Corporate Affairs Commission (CAC) of the Company’s Certificate of Incorporation.(2)   A certified true copy by NAICOM of the Company’s license as an Insurer to transact Life, non-life and/or general Insurance business.(3)  Current registration with the Department of Petroleum Resources (DPR).(4)  Documentation/evidence demonstrating experience in similar Oil and Gas insurance cover that Insurer has provided in the last 3 years (2016 to 2018). Including clients’ name and dates of cover (please attach copies of participation slips/treaties)(5)  Provide company profile indicating Nigerian Shareholding. Company’s financial details, and published annual Report and Accounts for the past 3years (2016 to 2018).(6) Evidence of NAICOM’s approval of Annual Returns and Accounts for previous underwriting year (2018).(7) A profile of six (6) top management staff of the Company with their qualifications and Insurance working experience in Oil and Gas Insurance business.(8)  Provide evidence of qualified professional staff and training plan.(9)   In case of Joint Venture, an attached copy of the joint venture agreement and details of the interest attach of the Joint venture partner, the role of each party clearly indicated.(10)  A signed Declaration by the Chief Executive Officer that the Company has settled all discharged claims.(11)   Company’s Tax Clearance certificates for the past three (3) years (2016 to 2018)(12)  Give brief description of re-insurance strategy and provide names of foreign Re-insurers and principal Brokers (13) Provide relevant information of two (2) contact persons: name, telephone, fax numbers and email address(14)  Certified true copy of NAICOM approval of Recapitalization and Consolidation to continue to transact business within the Federal Republic of Nigeria.(15)  Evidence of statutory deposit with CBN.(16)  Documentary evidence clearly showing the pre-capitalization status and the additional capital raised.(17)   Evidence of VAT remission and Tax Clearance Certificate.(18)   Certificate of compliance from the Pension Commission (PENCOM).(19)   Certificate of compliance from the Industrial Training Fund (ITF).(20)   Group Life Insurance Certificate for Employees.

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