The brokerage arm of the insurance industry has written a formal letter to the House of Representatives, giving notice of its withdrawal of the bill seeking its transformation into a parallel industry regulator.
This follows a recent agreement in priciple to withdraw the proposal.
In a letter to the House of Representatives, the brokers’ association, the Nigerian Council of Registered Insurance Brokers (NCRIB), gave notice of the withdrawal of the bill seeking its transformation into another regulator in the industry.
Cracks had appeared in the industry, with the decision of the insurance brokers to self-regulate.
The brokers, under the umbrella of the NCRIB, pushed for an act in the National Assembly to create an Institute of Chartered Insurance Brokers and transform it from its current status of market association, to a regulator.
The bill was enrolled this year in both chambers of the National Assembly and had passed through second reading in the two houses. It was sponsored by Gbenga Kaka in the Senate and Uzoma Nkem-Abonta in the House of Representatives.
There were however reservations from within the NCRIB and opposition from the educational arm of the industry, the Chartered Insurance Institute of Nigeria (CIIN) which also protested to the federal lawmakers about the implication of a parallel regulator.
In the letter dated December 18, and signed by its president, Ayodapo Shoderu, the NCRIB indicated that it was no longer interested in the bill and noted that it has also notified the Senate President about its intention to withdraw it.
The letter titled “withdrawal of NCRIB proposed bill before the National Assembly”, sent to the speaker, Aminu Tambuwal, and copied Jibrin Abdulmumin, the chairman, House Committee on finance, stated, “we refer to the above mentioned bill submitted by our council sometime in October 2014 to the National Assembly, seeking amendments to the NCRIB Act 21 of 2003, and which had undergone second reading at the Senate, before our governing board decided to withdraw it.
“In the same vein, we hereby wish to notify the House of Representatives to stop further action on the bill”.
Section 2 of the bill which states the duties of the institute if the act is approved, has been condemned by operators who say it is tantamount to running parallel to the industry regulator, the National Insurance Commission (NAICOM) and the educational arm of the industry, the Chartered Insurance Institute of Nigeria (CIIN). These two bodies are a creation of an act of parliament.
Duties of the institute according to Section 2 of the bill include, establishing and maintaining a central organisation for all insurance brokers, and “enrolling persons as chartered insurance brokers.”
Others are, to secure in accordance with the provision of the act, the establishment and maintenance of a register of chartered insurance brokers, containing the names, addresses and qualifications and such other particulars as may be prescribed, of all persons who having applied in the prescribed manner, are entitled under the provisions or the act, to be registered, and the publication from time to time, of the lists of these persons.
No comments:
Post a Comment