NAICOM tasks brokers on corruption, money laundering


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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has urged insurance brokers to ensure their operations are not exploited as a vehicle for corruption and money laundering.
The Commissioner for Insurance Mohammed Kari, who was represented by Deputy Commissioner Finance and Administration NAICOM, George Onekhena, said this at the investiture of the president of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos.
He urged brokers to operate within the ambit of the law and help facilitate economic growth.

“As professionals, they should take equitable interest in discharging their duties in the interest of all the stakeholders. They should ensure their function is not exploited as a vehicle for corruption including money laundering.
“They should recognize their role in insurance penetration especially as it includes the development of financial inclusion product. They should recognize their role as employers of labor and to improve their quota to the resolution of the economic problem that is affecting this nation today,” he said.
He noted that NAICOM has always enjoyed the cooperation of the NCRIB; and would expect this to continue in the new regime.
He urged the new president to ensure the relationship between the commission and brokers is sustained and that he should ensure brokers comply with all stipulated laws.
“We expect that you would try to understand you have a role to play in ensuring your members comply with the all the laws and regulations guiding the industry.
We assure you of the cooperation of NAICOM whatever we have to do to ensure growth in the industry as regards the brokers and also to facilitate the growth of the insurance brokers, the commission will do that,” he said.

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