NAICOM To Unveil  New Draft Guidelines For Insurance Sector ..Says Nigeria’s Insurance Brokers Are Unprofessional


Yemisi Izuora 

In recognition of huge gap in strengthening the insurance sector to enable it contribute to national development, the regulatory authority, the National Insurance Commission, NAICOM, is working on new draft guidelines that will cut across all the sectors chain.

The guidelines will soon be revealed according to the Commissioner for insurance, Mohammed Kari.

Kari while addressing insurance brokers executive officers retreat in Uyo, Akwa Ibok state, hosted by the Nigerian Council of Registered Insurance Brokers, NCRIB, observed that the core theme for theforum, “The Future Broker” is particularly apt and adequate which I believe is designed to perhaps midwife the rebirth of a new insurance broking segment of the industry. 

He expressed gladness that the theme was chosen on their own volition because expect them to be sincere to themselves in discussing the key issues surrounding it. “It is pertinent for me to advice at this point that in discussing “The Future Broker”, it is imperative for you to first and foremost, x-ray the past and present broker to ascertain its sound state of health. I say this because it is until you are able to diagnose the specific ailment inhibiting the good health of the present broker, it might be difficult to give the accurate prescription and dosage for the future broker of your dream”.

Continuing the Commissioner said, “Suffice it to say then that the place of “The Future Broker” in the Nigerian insurance sector is without doubt hinged on the successful and accurate diagnosis of the ailment of the present broker and the administration of the right prescription/dosage else, your exercise here today would be in futility. You should be able to honestly identify what must change in the prevailing structure and resolve to collectively walk the talk”,.

According to him, From a regulatory perspective I can give you a few diagnostic analysis which your retreat could find the real ailment for and then hopefully would prescribe the appropriate medication for an immediate cure. 

The typical Nigerian Insurance Broker is unprofessional and does not care about the “big picture”. He lacks confidence possibly because he does not trust his ability. 

He lacks the spirit of adventure because he has refused to develop himself. 

He is subservient to other professionals because he is not proud of his

And he allows himself to be hijacked by other non-professionals as investors for reason I can not fathom. 

He said, however that the NAICOM approach to regulation has been an interactive one and has encouraged self regulation where feasible, but regrets that this was sometimes ago misconstrued as a license for statutory independence. 

“This is a misnomer in any clime.  We urge the  working together of all arms of our sector to ensure synergy, that too is ignored by the “we’ll do it alone” tendencies we observe in most market initiatives, especially from your council members. This is not healthy, “the Future Broker”  must address it and find a way to be part of the  future market.”,.

To address identified gaps existing in the regulation and supervision of Nigerian Insurance sector, he said, NAICOM would continually issue new and supplementary guidelines to plug such gaps. 

Kari said to this end and to supplement the tweakings in the distribution channels, the agency would very soon expose specifics drafts of guidelines directed to each sector of the industry. 

“When the Brokers’ is released, you would see our idea for “the Future Broker”. This, we believe, would complement the excellent effort of this retreat. We are sure there would be in it, prescriptions of the appropriate medication needed to cure some of the illnesses inhibiting today’s broker.  This would speed up the realisation of “the Future Broker”

It is crucial for all stakeholders in the industry to begin to evolve strategies for exploiting the retail end of the market. It is no gainsaying the future of the industry will depend more on retail rather than corporate businesses.”, he said.

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