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Chuks Udo Okonta
Insurance brokers are now to conduct proper due diligence before placing businesses with the three underwriting firms recently expelled from membership of the Nigerian Insurers Association (NIA).
A top insurance broker told Inspenonline that proper due diligence remains the only way brokers could do business with the affected underwriters.
The Nigerian Insurance Association had in a bit to savage the image of the insurance sector, published the expulsion of Industrial and General Insurance Limited; Niger Insurance Plc and Standard Alliance Insurance Plc for failing to meet obligations to policyholders.
The firms were also asked to cease forthwith from using the NIA logo on their letterheads and other official documents.
Chairman of the NIA, Ganiyu Musa, speaking on in-house cleaning exercise embarked by the association, posited that the cleaning would help boost image of the sector.
“We have to be very harsh as it were now. We have an active committee on discipline and conflict resolution. The committee has been strengthened and empowered. We now go beyond the usual refrain or chastisement to taking active steps to discipline erring members. As we speak, we have a few of our members that have been suspended and some are about to be expelled.
“We believe it is very important to send the message to our members, that when you carry the NIA badge, it should count for something. There is no amount of marketing that you can do, if the experience of the insuring public is bad, then we cannot make progress in the insurance industry. We believe that after cleansing yourself of bad image, we can go back to the public to say all the good things that insurance stands for,” he said.
