The National Insurance Commission, NAICOM, the regulatory body for insurance practice in the country has given a marching order to all insurance brokers operating in the country to normalise their membership with the Nigerian Council of Registered Insurance Brokers, NCRIB, or face sanctions.

At a media parley in Lagos, President of NCRIB, Mrs.  Laide Osijo said that the regulatory body gave the order as part of moves to remove charlatans from the insurance broking profession.

Osijo said “In view of the need to affirm the provisions of the NCRIB Act on registration of insurance brokers and eliminate the existence of charlatans from the insurance broking profession, I am most delighted to inform you that the National Insurance Commission has continued to play complementary roles to the NCRIB in this area, which is most commendable. The Commission has formally forwarded a circular to all brokers operating with NAICOM Licence but without NCRIB registration certificates to normalise their records with the Council, immediately.”

The NCRIB president stated that the Council has also forwarded written circulars to all those affected to comply with the directive, in order to avoid embarrassment as the Council would soon publish the names of all its members in some national dailies, in adherence to the Law.

She said “The position of the law is that enlistment of an insurance broker with the NCRIB is a condition precedent to licensing by NAICOM, but regretfully some companies have brazenly flouted this provision for quite sometime.”

Osijo also noted that in consonance with the need to affirm and take advantage of sections 5 and 6 of the NCRIB Act in order to dignify the Associateship certificates of the Council as applicable in other professions, the NCRIB would soon embark on re-certification of its Associate members.

“The Council is also considering the creation of a window of opportunity for insurance professionals who possess the ACN certificates and are desirous of having the Associateship of the Council. This step would lift the ceiling that has been on individual membership of the Council and-enlarge the scope of insurance broking practice in Nigeria.”

Meanwhile, the President gave kudos to the federal government for introducing insurance into the curriculum of secondary schools in the country saying that with the introduction, the insurance industry now has a renewed hope of greatness in the future.

In her words “The step will significantly accelerate the quality of manpower in the industry as it would stimulate students to take insurance as a career as well as good consumers of its products. The NCRIB is already putting in place strategies to collaborate with relevant government institutions for the materialisation of the lofty vision.”


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