Chuks Udo Okonta
One year after the National Insurance Commission (NAICOM) pegged brokers'
license processing fee at N2.5million,
Inspen gathered that crave for establishment of new broking firms has
reduced drastically.
A source at the Nigerian Council of Registered Insurance Brokers (NCRIB),
said the new fee has helped to raise the bar of broking business, adding that the
business are now in the hands of serious minded individuals as against in the
past when it all comers affairs.
Another broker said NAICOM increased the fee
to encourage merger and acquisition and to also make young professionals to form
a mega company. She said noted that the wisdom was that by the time young
professionals find it difficult to raise the fund to float their firms, they
would be forced to consider merger.
“The N2.5 million processing fee has really deterred
many young professionals that would have register. For them to establish a
firm, aside the processing fee, they have to pay the NCRIB registration fee,
get an office, employ staff, get vehicles and meet other requirements. With all
these, we had only few people who met requirements,” she said.
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