NAICOM, NCRIB seal deal on 4 key developmental agenda

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The National Insurance Commission (NAICOM) and Nigerian Council of Registered Insurance Brokers (NCRIB) have identified four areas that required joint focus which they have to pursue.

According to them the areas include:
1. Professionalism and Ethical Standards
The Commissioner stressed that the brokerage profession must continue to uphold its respected identity as professional advisers, not intermediaries perceived merely in transactional terms. He emphasised the need to reinforce trust and professionalism at every level.

2. Compliance and Documentation Quality
Improving communication, documentation standards, and timely updates across the value chain were highlighted as priorities — as poor documentation sometimes leads to avoidable disputes, particularly around claims.

3. Women Inclusion and Youth Engagement
NAICOM’s management expressed strong support for the President’s plans to expand opportunities for women and to mentor younger practitioners entering the industry.

4. Alignment With NIIRA 2025
Both parties agreed that the successful implementation of NIIRA 2025 requires continuous partnership

From left: President Nigerian Council of Registered Insurance Brokers, Mrs. Ekeoma Ezeibe and Commissioner for Insurance Olusegun Omosehin at the event.

The agreement was sealed when the Commissioner for Insurance Olusegun Omosehin, received the newly elected President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe, along with members of her Governing Council, on a courtesy visit to the Commission’s headquarters in Abuja.

The visit was Mrs. Ezeibe’s first official engagement with NAICOM following her formal investiture as the 17th President and third female leader of the Council.

The meeting provided an opportunity to strengthen existing ties, review ongoing reforms, and align key priorities under the National Insurance Industry Reform Agenda (NIIRA 2025).

The Commissioner for Insurance, Olusegun Ayo Omosehin, warmly welcomed the delegation and congratulated Mrs. Ezeibe on her well-deserved emergence as President of NCRIB.

He described her leadership as “a major milestone for the Council and a reflection of the increasing strength and influence of women in the insurance profession.”

He added:
“We truly value the relationship between NAICOM and NCRIB. As we continue to implement NIIRA 2025, we see the brokerage community as a critical partner in promoting market discipline, driving professionalism, and rebuilding the confidence of Nigerians in the insurance sector. We look forward to a productive and fulfilling collaboration under your leadership.”

The Commissioner was joined by NAICOM’s senior management team, who also expressed confidence in the new leadership of NCRIB and reiterated their support.

NCRIB President Outlines Her Priorities
In her remarks, Mrs. Ekeoma Ezeibe thanked the Commissioner and the entire NAICOM management for the warm reception. She expressed her appreciation for the support the brokerage community has consistently received from the Commission.

She noted that her administration would focus strongly on:
• Strengthening the compliance culture among brokers.

• Improving documentation and communication processes.

• Enhancing the professional image of the brokerage subsector.

• Promoting continuous training, mentorship, and capacity-building — especially for women and young professionals.
She also clarified that many of the historical compliance issues were not acts of negligence, but often administrative oversights.

She assured the Commissioner that the new leadership is committed to addressing these gaps and deepening engagement with NAICOM to foster clarity and shared understanding across the market.

The Commissioner noted that brokers have an essential role in driving inclusion, building market trust, and educating consumers.

5. Strengthening Sector Reputation
The meeting emphasised the need for unified messaging and public sensitisation, ensuring Nigerians understand the value of insurance beyond legal obligation.
Agreements and Action Points
The session ended with both sides agreeing to the following:
1. Establish a NAICOM–NCRIB Joint Working Group to jointly address market conduct issues and compliance matters.
2. Expand training and capacity-building programmes for brokers, focusing on ethics, documentation, digital literacy, and client communication.
3. Enhance public awareness initiatives, especially for compulsory insurance classes and the role of brokers.
4. Hold regular engagement meetings between NAICOM and NCRIB leadership to monitor progress, resolve issues early, and sustain transparency.
The Commissioner assured Mrs. Ezeibe of NAICOM’s continued openness and support, noting that “stronger partnerships will help deliver a more trusted, professional, and inclusive insurance market for Nigerians.”

The visit concluded with a warm exchange of goodwill gifts between the Commissioner and the NCRIB President, symbolising mutual respect and ongoing partnership. A group photograph followed, capturing the NAICOM management team, the NCRIB President, and members of her delegation.

Conclusion
The meeting reinforced the longstanding relationship between NAICOM and NCRIB and highlighted a shared commitment to deepening professionalism, strengthening compliance, and driving sustainable growth in the insurance industry.

As reforms under NIIRA 2025 continue, both institutions reaffirmed their pledge to work together to build a more competitive, inclusive, and trusted insurance sector for the benefit of all Nigerians.