Why there are prolification of broking firms - Osijo

Chuks Udo Okonta

Some insurance broking firms were established just to secure a particular business and for quest for ego, the President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo, has said.

She told Inspen that the council has observed that some people just register a broking firm because they want to secure a business through their relatives who occupy a position of authority.

She noted that these individuals abandon the firms once they get the business. She added that some brokings firms were also established because people want to be known as managing director.

She said: "Instead of 10 people joining hands to form a strong firm, they want to be managing directors. We have always encouraged mergers and acquisition. If you have a formidable team, it is better than been alone."

She noted that the council is colloborating with the National Insurance Commission (NAICOM) to ensure that only genuine and professionals operate in the sector, adding that presently the council has to give approval before a firm is licensed by NAICOM.

"The NCRIB law says that registeration with NCRIB is requirement for licensing by NAICOM. Prior to last year, so many brokers do go to NAICOM, for registeration. But, from last year, NAICOM has refused to give any body licence if they did not have the NCRIB registeration certificate. The Commissioner with his team have been doing a good job to ensure people comply with the rules," she said.