By Peter Egwuatu
The Chartered Institute of Stockbrokers (CIS), and AfriGlobal Insurance Brokers have signed a Memorandum of Understanding, MoU for life assurance.
The President of CIS, Olatunde Amolegbe, explained that it has become imperative to address the physical, mental and financial health of stockbrokers through life and personal accident insurance in view of the rising health challenges among the members of the professional group.
Under the combined group life assurance scheme and group personal accident insurance cover, every member is immediately entitled to a sum of N1,000,000 compensation in the event of death or permanent injury while there is a specified amount for medical bills for injury sustained.
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Already, the policy, hailed by market watchers as a great succour to stockbrokers with the rising death of its members, has become effective with the signing of a Memorandum of Understanding (MoU) yesterday by the Institute and a leading insurance firm, AfriGlobal Insurance Brokers.
Speaking at the signing ceremony, the Institute’s President, Mr Olatunde Amolegbe explained that the group insurance scheme was part of the initiatives to create enabling environment for the members and would be extended to their families soon.
“One of our desires as an Institute is to continue to cater for the welfare of our members and their families. The Institute has decided to put in place life insurance policy for its members such that the families can be taking care of in the event of inevitable. This is historic for the Institute after over 27 years of our existence, we see this as a stepping stone and we are hoping to do more by extending the benefits to family members of our members in the nearest future.”, said Amolegbe.
Speaking, Managing Director, AfriGlobal Insurance Brokers, Mr Casmir Azubuike, stated: “ We are pleased to be part of this signing ceremony. We are honoured to be the provider insurance intermediation services to this highly esteemed Institute. We commend the Governing Council for coming up with this laudable initiative which we believe other professional bodies will copy to make impact on the well being their members.”
Let me assure you that this great step will go a long way in attracting more members to the Institute.”