Insurance

NCRIB lauds NAICOM over SIP withdrawal, cancellation

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Chuks Udo Okonta

The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Shola Tinubu, has appreciated the Commissioner for Insurance, Alhaji Mohammed Kari and his team for
consideration of NCRIB plea to withdraw the guideline on State Insurance Producer (SIP),describing the Commission as a listening regulatory body who has again demonstrated the desire to grow an industry that would contribute meaningfully to the
Nation’s economic growth.

The withdrawal and cancellation
of the guideline came barely 24 hours after a fruitful town hall
meeting of top management of NAICOM and Members NCRIB.

Tinubu, in a statement, made available to Journalists, noted that the gesture would further enhance the Council’s confifldence in the leadership of NAICOM, stressing that the confidence reposed in
NAICOM was never betrayed.

According to him, “the Council appreciates NAICOM for the magnanimity in withdrawing the guideline as it will lead to the much desired progress and cohesion required for the industry’s growth.

“We are back on drawing board to chat a way forward in deepening insurance penetration and
entrenchment of MDRI among Nigerian populace to ensure more financial inclusion and make insurance
a front burner in growing the nation’s economy as it is obtainable in other climes.

“It is pertinent to note that the current leadership of NAICOM has over the years demonstrated
unprecedented understanding and all inclusive regulatory system whereby the Council has always been
carried along in formulation of policies and guidelines before it eventually become operational.

“May I use this opportunity to salute the Commissioner’s courage and magnanimity in listening to brokers.”

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