By ROSEMARY ONUOHA

The Nigerian Council of Registered Insurance Brokers, NCRIB, said that it is still looking at opportunity to assist some of its members delisted by the National Insurance Commission, NAICOM, over compliances issues. President of the NCRIB, Mr. Kayode Okunoren, said during a press conference held at the NCRIB house in Lagos last week, which they are looking at assisting those with minor infractions by interceding for them in NAICOM.

Nigerian Stock Exchange

Recall that NAICOM recently advertised the names of 108 brokers delisted over compliances issues. Out of the 108 brokers, 21 of them are registered members of NCRIB. Okunoren said, “The NCRIB is not happy that any operator in the market will continue to flout regulatory requirements as enshrined in the law. However, the Council on my assumption of office, made a representation to NAICOM on this and sundry issues for which, as usual, we got assurance of support from the Commission.

We have equally made this clear to our members that the regulatory environment of today requires more discipline than hitherto and that compliance issues must no longer be treated with levity. On the other hand, we are appealing to NAICOM to always ensure sustenance of effective communication channels with the NCRIB in such a way that our members are notified in good times on any aspect of compliance in which they are on the path of erring and this could even be done through the Council in the spirit of the existing cordial relationship.”

Okunoren said that the insurance industry is presently undergoing challenging times in Nigeria, in view of the recession being witnessed in the economy which is taking its toll on insurance.  According to him, the industry however  share the optimism that the government under the leadership of President Mohammed Buhari will reverse the ugly situation through the enthronement of probity and accountability in governance.

Okunoren said, “It is no longer news that, Nigeria’s progress had been stultified by corruption and financial indiscipline and this has permeated the professions also. I hereby commend the ‘war’ and advice that government should work urgently on legal framework for the institutionalisation of the anti corruption war, even after the exit of the present administration.

Also, the present administration should immediately commence on the conscientisation of Nigerians to re-create in the minds of the citizens the real virtues of honesty and transparency which was our hallmark many years past. On the part of NCRIB, we will continue to cooperate with government in achieving this mandate as we reckon that there is no way insurance industry could grow in an environment with systematic corruption.

“The onus should be on us to be creative and proactive in maximising the seemingly gloomy economy situation to our advantage. For instance, it is high time operators began to look at policy direction of the government as partly enunciated in the draft budget, in the area of diversification of the economy. The NCRIB under my leadership will ensure that all necessary strategic engagements are done to further enhance the growth of insurance in Nigeria, as well as increase the relevance of insurance brokers,” Okunoren said.

On insurance of national assets, Okunoren said, “There could not have been a better time to raise the issue of insurance of national assets than now, in view of the present administration’s disposition to prudence in management of the nation’s resources. It is our take that inputs should be solicited from the insurance industry in the government’s economic policies. As it is today, many of the nation’s assets are uninsured by government through its ministries and agencies, despite the promulgation of the law on compulsory insurances.