By ROSEMARY ONUOHA

Poised to ensure effective implementation of the compulsory insurance in the country, the Nigerian Council of Registered insurance Brokers, NCRIB, said it intends to embark on lobby of states’ Houses of Assembly to promulgate edicts that will drive public compliance with some provisions of the law on compulsory insurance.

The new President of the Council, Mr. Ayodapo Shoderu who disclosed this in Lagos during a media parley also said that the Council will also collaborate more effectively with the National Insurance Commission, NAICOM, to harness its benefits to members.

According to Shoderu, the spate of building collapse and the consequential human and material losses usually recorded all over the country will reduce  considerably if states’ legislature have in place laws compelling adherence to section 54 and 55 of the Insurance Act.

Speaking on microinsurance, he said that his leadership will give wings to the micro insurance initiative by visiting the seemingly ‘unreached groups.’
He noted that his administration share the belief that if the insurance industry must grow in Nigeria its emphasis and focus must shift to micro insurance in order to have its multiple benefits to the industry and the nation’s economy.

On ‘no premium, no cover, he said that the Council and NAICOM has reached an agreement and expect no complaint from underwriters or brokers, adding that the policy is a good one which is aimed at growing the insurance premium and penetration in the country.

He added that the Council will support all effort by NAICOM in ensuring the effective implementation of the policy.