Insurance

NAICOM to delist 150 more broking firms

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Chuks Udo Okonta

At a time the dust raised over the delisting of 108 insurance broking firms is still spreading, the National Insurance Commission (NAICOM) is considering delisting 150 more firms, Inspen has learnt.

Our source stated that the planned delisting is strictly handled by the commissioner for Insurance Mohammed Kari, who is keenly overseeing the licence renewal process of brokers.

It was gathered that the Nigerian Council of Registered Insurance Brokers (NCRIB) has planned a visit to the commission to halt the decision and possibly resolve the issues with the 108 delisted firms.

In a bit to confirm from the commission, our contact person claimed he is not aware of the development.

Recall, the NAICOM delisted 108 insurance broking firms in the country for violating several regulatory requirements.

Findings, showed that majority of the erring firms were sanctioned for violating certain provisions of the insurance law, such as late submission of their returns to the regulatory body, while some did not even submit returns for several years, non-renewal of operating licence, among other offences.

An industry source said the regulatory body had been patient enough on the erring firms, thinking they would turn a new leaf, but NAICOM had to take this decision, having discovered that they were not ready to comply.

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