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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has underscored the pivotal place insurance Brokers occupy in the nation’s insurance ecosystem necessitating the intention of the Commission to further strengthen and support its regulatory body to effectively discharge its self-regulatory functions.
The Commissioner for Insurance, Olusegun Omosehin, stated this when the delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB), led by its President, Prince Babatunde Oguntade, paid the Commissioner a courtesy visit in Abuja.
The Insurance Commissioner disclosed that more than 70 per cent of insurance businesses recorded annually come from insurance brokers, noting that the Commission was ready to maximise the advantage position of the Brokers to drive the desired industry growth initiatives under the new leadership of the Commission.
While asserting that the insurance industry had the potential to play a catalytic role in bouying up the nation’s economy, Omosehin noted that the current contributions of the industry to the nation’s Gross Domestic Product must be enhanced to earn the industry its desired position within the nation’s financial ecosystem.
He disclosed that the Commission had been restructured into new directorates to meet the yearning need for effective regulation of the ever evolving insurance industry which it superintendent over.
According to Omosehin, “the Commission regulates professionals who operated in the private sector and as such must adapt itself to the dynamism and dynamics of the sector for effective regulation”.
Earlier, the President of NCRIB, Prince Babatunde Oguntade applauded the new leadership and management of the Commission and averred that the Council was in tune with the innovative and progressive initiatives being berthed in the Commission to deepen insurance growth in the country.
Oguntade pledged the support of the Council towards mobilising the support of Insurance Brokers for better performance of the insurance industry in compliance with the Anti Money Laundering and Countering Financing Terrorism (AMCFT), with a view to removing the country from the unenviable gray list.
He stated that the Council had strengthened its internal disciplinary organs to ensure enforcement of the required high ethical standards and discipline amongst its members, and by so doing play up its self-regulatory roles that would complement the efforts of NAICOM in ensuring sanity in the insurance market.
