NAICOM, NCRIB set up six-man committee to review licence renewal requirements



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Chuks Udo Okonta

The National Insurance Commission(NAICOM) and the Nigerian Council of Registered Insurance Brokers(NCRIB) have agreed to set up a six-man committee to review the licence renewal requirements for brokers.

The committee, it was learnt, will comprise of three members from each body and would be saddled with the responsibilities to critically examine the 21 requirements as provided in the guidelines and how they affect the brokers.

Speaking on this development, the President, Nigerian Council of Registered Insurance Brokers(NCRIB), Kayode Okunoren, said: “The pending renewal of our members’ licences and the reactions from underwriters, which confirms that underwriters are cautious at ensuring that they don’t run foul of the law, is affecting our businesses.”

NCRIB, on its part, has detailed the documentations of the prescribed requirements and the extent to which they are vital to the renewal process. And in ensuring that this issue is amicably resolved, the commissioner has gracefully agreed to set up a committee, consisting of three members from NCRIB and three from NAICOM to look critically on the individual items of the requirements for obtaining a renewal licence with a view to ensuring that none of the items prevents the licences from being issued. Before the end of this week, we should be able to come out with the names of those members that represents each party on the committee,” he pointed out.

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