By Rosemary ONUOHA
The Nigerian Council of Registered Insurance Brokers, NCRIB, has said that it is compulsory for all brokers in the country to register with it before they can obtain operating license. President of the Council, Mrs. Laide Osijo disclosed this at a Brokers’ Members Evening. She said that the position of the law is that enlistment of an insurance broker with the NCRIB is a condition precedent to licensing by the National Insurance Commission, NAICOM.
She said, “The commission has formally forwarded a circular to all brokers operating with NAICOM license but without NCRIB registration certificates to normalise their records with the council. 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. 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 some time.”
“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 NAICOM has continued to play complimentary roles in this area,” she noted.
Meanwhile, Osijo stated that the NCRIB is set to arrive at a point of consensus with all parties involved in the group life commission, adding that they are working with Nigerian Insurers Association, NIA, to arrive at the consensus.
She said “The issue of reduction of commission accruing to insurance brokers on group life policies has for some time generated some unease between the underwriters and brokers. I am most delighted to inform you all that the leadership of both the NIA, and NCRIB are discussing the issue, with a view to arriving at a point of consensus for the overall benefit of the entire industry.”
She however commended the National Insurance Commission, NAICOM, for the positive roles it is playing towards resolving the issue amicably.
The NCRIB president gave kudos to the federal government for introducing insurance into the curriculum of secondary schools in the country, stating that with the introduction, the insurance industry has a renewed hope of greatness in the future.