From left: Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Shola Tinubu; a Past President, Prince Feyisayo Soyewo, President, Mr. E. Kayode Okunoren and Managing Director, Prestige Assurance Plc, Mr. Bala Swamy at the April Edition of NCRIB Members’ Evening hosted by Prestige Assurance in Lagos.
SPEECH DELIVERED BY THE PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS, MR EMMANUEL KAYODE OKUNOREN, FCIB AT THE APRIL EDITION 2017 NCRIB MEMBERS’ EVENING, HELD ON TUESDAY, APRIL 25, 2017
• The Managing Director and Members of Prestige Assurance Plc.
• Governing Board Members here present
• Distinguished colleagues
• Our Special Guest
• Ladies and Gentlemen
I am most delighted to welcome you all to the April 2017 edition of the NCRIB Members Evening holding today. The event is being sponsored by Prestige Assurance Plc. It is my utmost pleasure to appreciate the sponsorship of the event by Prestigeand I must specially thank the Managing Director and his team for believing in Insurance Brokers and the overwhelming benefits that could accrue by fostering harmonious relationship with them. It is my view that a company like Prestige would always have a slot with the NCRIB anytime it desires, in view of its professional excellence and Brokers-friendliness. It is therefore my hope that this event will crystalize in a better bottom line for the companyfrom Brokers’ patronage.
Permit me to spare a word of thanks also for our Special Guest, Mr. Kola Olugbodi, Managing Director of Background Checks International, for accepting to grace this event. It is my hope that members would be enriched by the experience on security and background checks which he would share with us shortly.
SPECIAL GENERAL MEETING
It is an auspicious event for me to inform you that the Governing Board at its February meeting approved that the Council convene a Special General Meeting to discuss some issues that are germane to the growth of the Council. In view of the need to maximize time, Management has approved that the meeting should coincide with the 2017 Chief Executive Officers’ Retreat of the Council holding between June 7-9, 2017 in Calabar, Cross River State. Notifications would be forwarded to members for the Special General Meeting, as specified by the Council’s laws. It is my hope that you will respond to this request, timeously.
Permit me to note that the 2017 CEOs’ Retreat promises to be exciting and educative. You would recall that the yearly CEOs Retreat has become an annual event where Chief Executives and top notch of the Council congregate in a venue, devoid of the usual hustle and bustle of work, to exchange professional ideas and recreate. This year would definitely not be an exception. The choice of Calabar for the event is deliberate, as it is aimed at making members travel a bit away from home to enjoy the allure of the tourism and hospitality of the historical city. The theme of the Retreat is Possibilities, Possibilities, Possibilities and it would be delivered by Dr.NechiEzeako of the Institute of Directors. Similarly, the sub-theme is Remaining Relevant through Life which would be handled by the famous radio and television motivational speaker, Mr.OlumuyiwaAfolabi. Other side attractions of the event are the Social Night and a Novelty Football Match, during which Team President, led by myself as the Captain, would be on hand to defeat and humiliate any opponent! I promise you the event would be quite interesting and rewarding. I want you to prepare to attend.
INSURANCE BROKERS AND FINANCIAL REPORTING COUNCIL
I am most delighted to inform you that the Council has recorded significant feats in its interactions with the new Management of the FRC for the benefit of Brokers. Recently, a delegation of the Council, led by my goodself, paid a courtesy visit on its Chairman of the Council, Mr.DotunSulaimon. In the course of the meeting, the Council,among other things, presented the touchy issues of fines and penalties for late submission of audited accounts by Brokers to the FRC as well as the Submission of Financial Statements
The FRC agreed that the NCRIB should henceforth undertake the submission of its members’ approved accounts and that no fine would be imposed on the members.
It was agreed that the accounts submitted would be reviewed by FRC based on the concerns raised by the regulators and that the FRC would collaborate with the NCRIB to organize enlightenment programmes for Brokers.
On fines and penalties, it was agreed at the meeting that no fine whatsoever would be imposed on insurance brokers for any accrued acts of non-compliance with the FRC Act. However, the NCRIB was admonished to ensure its members register their companies CEOs and CFOs with the FRC, as well as update their membership.
On the Code of Corporate Governance, the meeting affirmed that that most Insurance Broking companies are small entities and that the Code had been suspended and presently under review. It was agreed that the new Code would take cognizance of the peculiarities of different sectors and that the exposure draft would be made available in due course for review by the public before it coming into force.
It was most heartwarming that the FRC Management promised that the FRC would be pro-business and pro-development.
It is my hope that members would take advantage of the concessions and continue to live up to the responsibilities by registering with the Council and submitting their audited accounts, timeously. May I seize this opportunity to remind our members to submit their approved audited accounts for 2013, 2014, 2015 and 2016 to the Council for submission to FRC.
2017 NATIONAL INSURANCE CONFERENCE
I must not fail to inform you that the 2017 National Insurance Conference organized by the Insurance Industry Consultative Council (IICC) would hold between July 9-11, 2017 inTranscorp Hotel, Abuja. The theme of the Conference is Nigeria Open for Business, at it would attract net worth intellectuals, professionals, and representatives of government. The Conference is most significant to the NCRIB in view of the fact that the Council has the honour of its member serving as the Chairman, in person of the Deputy President, Mr. Shola Tinubu. Ittherefore behoves the Council and the entire membership to give their support through overwhelming attendance of members at the Conference.
APPOINTMENT OF DEPUTY COMMISSIONER FOR INSURANCE (TECHNICAL) FOR NAICOM
Permit me to use this medium on behalf of the Council to congratulate the newly appointed Deputy Commissioner for Insurance (Technical), Mr. Sunday Thomas. We have no doubt in the capability of Mr. Thomas to deliver in office, considering his robust antecedents ininsurance operations administration. Our Council wishes to re-affirm its willingness to forge closer relationship with the Commission for the good of the entire industry.
CONCLUSION
I like to end my speech by once again appreciating Prestige Assurance for hosting this event as I wish you all a delightful Evening.
Thank you.
