Brokers got licences for single transaction – NAICOM


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Chuks Udo Okonta

Some insurance brokers secured operational licences just to execute one insurance business, Inpen has learnt.

The Commissioner for Insurance Mohammed Kari, who disclosed this, said many broking licences are lying fallow as those who acquired them, only used them to secure one business.
He noted that the commission would continue to publish list of lapsed licences, as several of the licences are no longer operational.

Kari noted that the commission did not delist or cancelled the licence of any broking firm, but only published the names of firms whose licences have lapsed, which is part of the responsibility of the commission.

“We have published what we have seen so far. There may be more and there will be more. This is because the broking business is populated by individual professionals who are supported by non insurance investors. In a lot of cases, some use to get a licence for one transaction and after that, they forget about it. So, there are a lot of licences still lying fallow,” he said.

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