NCRIB seeks review of fines on Brokers

 

From left: Deputy President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren; President of the Council, Ayodapo Shoderu and Honourary Treasurer of the Council, Abiodun Durodola during a media chat addressed by the NCRIB President in Lagos.

 

Chuks Udo Okonta

The Nigerian Council of Registered Insurance Brokers (NCRIB) the umbrella body of brokers has made an appeal to the National Insurance Commission (NAICOM) to review the regime of fines impose on brokers and issue warnings to erring operators before penalizing them.

Its President Ayodapo Shoderu, who made the appeal during his visit to NAICOM, said considering that about 80 per cent of brokers are small in sizes, imposing heavy penalties may drive them completely into extinction.

He requested for maximum of two warnings to erring brokers before they are penalized.

He said: “Whilst commending the Commission for ensuring strict compliance of insurance brokers with high ethical and regulatory standards in the insurance industry, we had passionately appeal to NAICOM to always give warnings to erring members before severe penalty is brought to bear on them.

“We strongly advocated that such companies could be given maximum of two warnings before being penalized. Similarly, we appeal for a review of the regime of fines imposed on brokers, considering that at least 80 per cent of them are small in sizes and heavy penalty may drive them completely into extinction, a situation that may be counter-productive to the growth efforts of the industry pioneered by NAICOM.”

He also called on brokers to uphold the ethics of the profession, adding that as insurance business hinges on utmost good faith, operators must adhere to ethical practices in all their dealings.