Wednesday 30 April 2014

NAICOM to use brokers’ 2012 accounts for renewal


From left: Deputy President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren; President of the Council, Ayodapo Shoderu and Keith Alford, Managing Director of Old Mutual Life Assurance, when the the company hosted Insurance Brokers in Lagos. 
Chuks Udo Okonta

Embattled brokers can now sleep with their eyes closed as the National Insurance Commission (NAICOM) has agreed to process this year’s renewals with 2012 accounts, as against the earlier position which stipulated that 2013 International Financial Reporting Standards (IFRS) compliant accounts should be used.

President Nigerian Council of Registered Insurance Brokers (NCRIB) Ayodapo Shoderu, who disclosed this yesterday in Lagos, said the leadership of the Council took the appeal to the Commissioner for Insurance Fola Daniel, which he graciously granted.

According to him, the commissioner was not happy with the number of companies that have so far submitted their 2013 accounts, adding that the Daniel put the numbers of submitted accounts at less than 30 per cent.

Shoderu noted that the commissioner also frown at the unethical practices by some brokers who manipulate insurance premiums.

 He urged members to continually compliment the efforts of the national secretariat in the enforcement of ethics and elimination of charlatans, adding that the task is a collective one and it behoves operators to mount surveillance across the zones of the country to ascertain those who are practicing as insurance brokers illegally, with a view of bring them to book.

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