Adegbenro
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Chuks Udo Okonta
Determined to take insurance broking business to lofty heights, the Nigerian Council of Registered Insurance Broker (NCRIB) has put in place stringent rules to prevent individuals with questionable characters from obtaining broking operational licences.
The Executive Secretary of the Nigerian Council of Registered Insurance Brokers, Fatai Adegbenro, told Inspenonline, while responding to the allegations by the National Insurance Commission (NAICOM) that some brokers obtain licences and sell them to politicians and money bags, adding that the NCRIB has in recent times raised the bar in screening individuals seeking broking licences.
He noted that investors seeking broking operational licences are now subjected to tough screening, adding that would be Chairmen and Managing Directors are properly screened to ensure that they really need the licence and not for trade.
Adegbenro, noted that the NCRIB has the mandate to bar any operator who does not play according to stipulated rules, adding that the council abhors unethical practices and will never hesitate to sanction individuals that subvert stipulated rules.
As parts of esteeming ethical practices the NCRIB had produced and presented Nuggets of Market Conduct and Business Practice Guidelines (Revised Edition) released by NAICOM to its members.
According to its President, Shola Tinubu, the nugget is to assist members apprise themselves with the statutory provisions of NAICOM with great ease.
“We intend to sustain the tradition of producing or abridging such compliance and regulatory publications into nuggets from time to time for easy of reference by members,” he said.
Tinubu also noted that the Council is already putting finishing touches to its membership portal that will allow for robust online interaction between the Council and members as well as the production of membership ID Cards which will have imbued into it value that members could derive from the Council.
Executives of NAICOM, including the Commissioner for Insurance, Mohammed Kari at the last NCRIB Members’ Evening in Lagos, said some brokers seek renewal for dead persons licences, sell licences to politicians and engage in other unethical conducts.
