Insurance Brokers/NAICOM Collaborates On Web Aggregators Initiative

NAICOM's New Guidelines Put Web Aggregators Licencing Fee At N2.5 Million -  Oriental News Nigeria

Yemisi Izuora

A visit by the Nigerian Council of Registered Insurance Brokers (NCRIB) to the National Insurance Commission, NAICOM, has produced a positive outcome as both parties made commitment towards improving the business of insurance in Nigeria and beyond.

President of the Council, Rotimi Edu, expressed the resolve of brokers to collaborate and support the initiatives behind the Web Aggregators, as it would lead to greater creativity and spread of insurance brokers’ presence in areas of the country where they were presently non-existent.

He said this during a courtesy visit by Management of the Nigerian Council of Registered Insurance Brokers to NAICOM in Abuja.

Edu applauded the phenomenal strides of the Commission in fostering better industry unity and cohesion and intimated the Commissioner with the various initiatives by the Council to grow the Insurance Industry and ensure adherence to ethics by Brokers.

He particularly disclosed that the Council would soon introduce the use of professional seal as a distinctive mark for all Brokers in the fold of the NCRIB, an initiative that the Commissioner for Insurance applauded noting it would aid the Commission’s regulatory oversight over Brokers.

The Commissioner for Insurance, Sunday Thomas, at the meeting extended further hands of collaboration to brokers in the deepening of insurance market in Nigeria.

He noted that insurance brokers constituted a critical segment of the insurance industry whose roles are being factored into the industry’s ongoing growth initiatives.

Thomas utilized the visit to highlight some issues being combated by the Council of which appropriate rating of risks was one.

He opined that inappropriate rating of insurance risks had led to a diminution of the reserves and solvency of the industry, for which urgent steps were being taken by NAICOM.

Add Comment