Wednesday 19 November 2014

NCRIB wants NAICOM re-consider position on re-registrations by delisted brokers, as Nov 30 deadline draws near


Commissioner for Insurance, Fola Daniel 
Chuks Udo Okonta

The Nigerian Council of Registered Insurance Brokers (NCRIB) is assiduously making efforts to persuade the National Insurance Commission (NAICOM) to reconsider its decision on re-registration by brokers that were unable to renew their certificates.

The intervention by the NCRIB is coming on the heels of NAICOM’s decision to fore-close opportunity for the affected firms to re-register by November 30.

It was gathered that the NCRIB has set-up a committee to consider the decision taken by NAICOM and how the affected members would be assisted to regain their position and remain afloat.

If NAICOM goes ahead with its decision, the affected brokers would pay N2.5 million to remain afloat.   

A statement by NAICOM on the re-registration exercise reads: “The National Insurance Commission (NAICOM) hereby informs all insurance brokers whose registration/certificates had lapsed in line with the provisions of the Insurance Act 2003, and desirous of re-registering with their former names, to pick registration requirements forms from the commission.

“The forms must be collected from NAICOM's office not later than November 30, 2014.

“Please note that this is the last opportunity the commission will grant such insurance brokers to be re-registered with the same name.” 

A broker who does not want to be named told Inspen, that the decision taken by NAICOM is inimical to the industry’s growth, adding that the present number of brokers is inadequate to achieve the quest of taking insurance to the grassroots.

He noted that strangulating broking businesses with hard rules will deny many young professionals opportunities to practice and wondered how broking firms that could not renew their certificates due to inadequate funds would be able to raise the new fee required for re-registration.

It would be recalled that in September, NAICOM delisted no fewer than 120 out of the 577 insurance brokerage companies operating in the country.

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