Insurance brokers under the aegis of the Association of Professional and Practising Insurance Brokers of Nigeria, have called for an autonomy for the National Insurance Commission.
They said this had become imperative as the agency was being hindered by the bureaucracy in the Ministry of Finance.
The group said the commission should have a measure of independence to make it more effective and responsive to the challenges of the time.
The APPIBON President, Delly Ajufo, who said this at a stakeholders’ meeting of brokers in Abuja, lamented that the insurance sector was dying despite the growing economy.
He noted that the basic third party motor insurance, which was the preserve of insurance brokers, had been taken away by the Directorate of Road Transport Services otherwise known as Vehicle Inspection Office.
According to him, insurance practitioners in the country are under a heavy yoke of levies and financial burden, adding that the various levies imposed on insurance practitioners by the Nigerian Council of Registered Insurance Brokers had impoverished most of them and deprived them of money to meet their needs.
Ajufo criticised the demand by government agencies for the NCRIB from insurance practitioners in the country, adding that the NCRIB is just a trade union.
He said his association would continue to resist every illegal policy that could hinder insurance brokerage in the country, particularly anything that ran contrary to Section 36 and 100 of the Insurance Act, 2003, the Bureau for Public Procurement Act, the Consumer Protection Act and the 1999 Constitution.
“Despite the growing economy, the insurance sector is not growing; insurance has the least approved budget in the Federal Government budget and this shows that the insurance sector is not getting the deserved attention,” he said.
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