300 Insurance Brokers on NAICOM List not Sacrosant – NCRIB


From left: Vice President, The Nigerian Council of Registered Insurance Brokers (NCRIB), Dr. (Mrs.) Bola Onigbogi, NCRIB Deputy President, Mr. Shola Tinubu; NCRIB President, Mr. Kayode Okunoren and Deputy General Manager, Zenith General Insurance Company Limited, Mr. Sunny Uwagboi at the NCRIB Members’ Evening hosted by Zenith Insurance at Brokers House, Yaba Lagos.

The Nigerian Council of Registered Insurance Brokers (NCRIB) has disclosed that the list of 300 Insurance Brokers published on the website of National Insurance Commission (NAICOM) recently was not sacrosanct against speculations in some quarters.

Recently, some daily newspapers and online news media had reported that only 300 Insurance Brokers had been licensed by NAICOM to operate in the market, a report the NCRIB said was misleading.

The Council said what NAICOM did was to present to the public names of Brokers that had satisfied the renewal requirements up to the date of the publication in line with the Commission’s practice.

The Council explained that not all Brokers have the same renewal dates and that explains the differentiation in the period of the approval of their licenses by the Commission.

“If anyone cares to check the website on a daily basis, it would be observed that the number of the Brokers on the list keep increasing as per approval of their licenses. For instant, shortly after the publication by some media organizations, the number increased to 301, and as at when going to the press, the number has increased to 314. I am sure, before the end of the month, the number would have increased again and this underscores the fact that the list is not sacrosanct”, NCRIB stated.

The statement further disclosed that NCRIB and NAICOM had continued to forge effective collaboration in the area of statutory registration with the Council by Brokers as a prerequisite to their licensing by the National Insurance Commission.

To facilitate this process, the Council has put in place a Help Desk where members were required to seek assistance with regards to complaint with NAICOM statutory regulation requirement.

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