Terms and conditions

"Agent" refers to a licensed agent registered on Balloon to sell insurance products to Customers on behalf of Underwriters.

"Applicable Laws" refers to all applicable regulations, laws, codes, guidelines, policies, rules, and directives of any competent regulatory authority in the Federal Republic of Nigeria, including NAICOM.

"Broker" refers to a licensed insurance intermediary registered on Balloon with authority to place and manage insurance business on behalf of Customers.

"Customer" refers to the end purchaser of an insurance policy facilitated through a User's activity on the Platform.

"Microagent" refers to an individual registered on Balloon under a simplified onboarding and training track to sell a limited set of insurance products.

"Platform" refers collectively to Balloon's website, application, and other related channels through which the Service is accessed.

"Premium" refers to the total payment due for an insurance policy sold via the Platform.

"Underwriter" refers to the licensed insurance company that underwrites and bears the risk for a policy sold through the Platform.

"User" refers to any Agent, Broker, or Microagent who accesses or uses the Service.

"Service" refers to all products, features, and functionality made available to Users through the Platform, including but not limited to insurance product distribution, commission processing, training, and compliance tools.

3.1. Balloon is available to individuals and entities registered as insurance agents, brokers, or microagents, subject to verification.

3.2. You must be at least 18 years old and legally capable of entering into binding contracts.

3.3. You must provide accurate identification information, including your Bank Verification Number (BVN) and National Identification Number (NIN), as required for NAICOM compliance and policy issuance.

3.4. Balloon reserves the right to approve, decline, or revoke access to the Platform at its sole discretion.

4.1. You are responsible for maintaining the confidentiality of your login credentials and for all activity conducted under your account.

4.2. You must notify Balloon immediately of any unauthorized use of your account.

4.3. Balloon is not liable for losses arising from your failure to safeguard your credentials.

5.1. Users act as intermediaries facilitating the sale of insurance products underwritten by licensed third-party insurers ("Underwriters") and are not employees of Balloon.

5.2. Users must accurately represent product terms to customers and must not make promises or guarantees beyond what is stated in the policy documentation.

5.3. Users must not misrepresent themselves as underwriters or as Balloon staff.

5.4. Commission structures, where applicable, will be communicated separately and may vary by product and Underwriter.

6.1. All policies sold through Balloon are subject to the terms and underwriting criteria of the relevant Underwriter.

6.2. Users must obtain proper customer consent before collecting personal data (including NIN and other identifying information) and must handle such data in accordance with the Nigeria Data Protection Act (NDPA) and Balloon's Privacy Policy.

6.3. Users must not use customer data obtained through Balloon for any purpose outside the scope of policy sale and servicing.

6.4. These Terms govern the relationship between Balloon and its Users (Agents, Brokers, and Microagents) only. Customers who purchase insurance policies through a User are not parties to these Terms. Where Customers interact directly with the Platform to view, purchase, or pay for a policy, a separate set of customer-facing terms and an independent acceptance mechanism will apply.

6.5. Balloon's Privacy Policy is incorporated into and forms part of these Terms. By agreeing to these Terms, you also agree to the Privacy Policy.

7.1. Premium payments collected on behalf of customers must be remitted through approved Platform channels only.

7.2. Users must not collect cash or off-platform payments for policies sold via Balloon unless explicitly permitted.

7.3. Commission payouts will be processed according to the payment schedule communicated within the Platform.

7.4. Balloon Wallet: Commissions earned by a User are credited to a Balloon Wallet associated with the User's account. Commission is considered earned upon policy activation by the Underwriter, and not upon initiation of a sale. Where a sale is initiated but the corresponding policy is not activated by the Underwriter (e.g. due to declined underwriting, incomplete KYC, or failed payment), no commission accrues to the User's Wallet.

7.5. Withdrawals: Users may withdraw available Wallet balances subject to any minimum withdrawal threshold, processing timelines, and verification checks communicated on the Platform. A withdrawal is marked successful only upon confirmation that the recipient has received the funds. When Balloon's payment service provider reports a withdrawal reversal, the transaction status will be updated on the Platform, and the User will be notified. Balloon is not responsible for funds sent to an incorrect account where the account details were provided or confirmed by the User; the User is responsible for verifying their payment details before initiating a withdrawal. Balloon is also not liable for delays caused by third-party payment processors.

7.6. Deductions: Balloon may deduct applicable taxes, statutory levies, platform fees, or previously overpaid commissions from a User's Wallet balance prior to withdrawal.

7.7. Refunds and Cancellations: Refund responsibility for policy cancellation lies with the relevant Underwriter, who shall refund the Customer less applicable deductions, cancellation charges or amounts due under the policy. Commission already paid to a User on an activated policy is not subject to clawback solely on account of a subsequent cancellation. The User who facilitated the sale is expected to reasonably support the Customer through the cancellation and refund process with the Underwriter.

7.8. Post-Termination Balances: Upon termination of a User's account, any Wallet balance not subject to an active dispute, cancellation, or chargeback hold will be payable to the User in accordance with Balloon's standard withdrawal process, less any outstanding deductions owed to Balloon.

7.9. Balloon reserves the right to withhold or reverse payouts in cases of suspected fraud or breach of these Terms.

8.1. Users must comply with all applicable NAICOM regulations, including NIN-linkage requirements for all policies issued, including third-party purchases.

8.2. Users must not facilitate the sale of insurance products to ineligible customers or misrepresent risk information provided by customers.

8.3. Balloon may conduct periodic audits, training, and compliance checks, and Users must cooperate with such processes.

Falsify customer or policy information;

Engage in fraudulent claims activity or assist customers in doing so;

Circumvent the Platform to transact directly with Underwriters for products sourced via Balloon;

Share login credentials or allow unauthorized persons to transact on their behalf;

Use the Platform for money laundering or any unlawful purpose;

Use any robots, spiders, crawlers, scrapers, or other automated means to access or extract data from the Platform;

Attempt to decipher, decompile, disassemble, or reverse engineer any software used to provide the Platform;

Bypass, disable, or attempt to circumvent any technological measure implemented to protect the Platform;

Take any action that damages, disrupts, or adversely affects the performance of the Platform;

Discriminate against or harass any Customer or other User on the basis of tribe, religion, gender, disability, medical condition, marital status, or age;

Use, mirror, or frame the Platform, or Balloon's name, logo, or trademarks, without prior written consent;

Register or use domain names, trade names, or trademarks that imitate or are confusingly similar to Balloon's.

(a) your fraudulent or illegal use of the Service or the Platform;

(b) your negligence or default under any of these Terms;

(c) any inaccurate, false, or incomplete information you have knowingly provided to Balloon, an Underwriter, or a Customer;

(d) your allowing any other person to access your account, whether with your permission or as a result of your failure to keep your credentials private;

(e) any sale, service, or representation you have made to a Customer outside the scope of, or in breach of, these Terms;

(f) any claim made against you or Balloon for actual or alleged infringement of Balloon's or a third party's intellectual property rights arising from your use of the Service.

11.1. All trademarks, logos, content, and software associated with Balloon are the property of Balloon or its licensors.

11.2. Users are granted a limited, non-exclusive, non-transferable license to use the Platform solely for authorized insurance distribution activities.

12.1. Balloon provides the Platform on an "as is" and "as available" basis and does not guarantee uninterrupted or error-free operation.

12.2. Balloon is not liable for claims disputes, underwriting decisions, or policy performance, which remain the responsibility of the relevant Underwriter.

12.3. To the extent permitted by law, Balloon's liability for any claim arising from use of the Platform is limited to direct damages and excludes indirect, incidental, or consequential losses.

13.1. Balloon may suspend or terminate a User's access to Balloon for breach of these Terms, suspected fraud, regulatory non-compliance, or at its reasonable discretion.

13.2. Users may terminate their account by providing written notice to Balloon, subject to settlement of any outstanding obligations.

22.1. Balloon may update these Terms from time to time. Material changes will be communicated to Users via the Platform, email, or other reasonable means, at least 7 days before taking effect, except where an immediate change is required by law or regulation.

22.2. Continued use of the Platform after changes take effect constitutes acceptance of the revised Terms. If you do not agree to the revised Terms, you must stop using the Platform and may terminate your account in accordance with Section 13.