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| Commissioner for Insurance, Fola Daniel |
Chuks Udo Okonta
The Nigerian Council of
Registered Insurance Brokers (NCRIB) is assiduously making efforts to persuade
the National Insurance Commission (NAICOM) to reconsider its decision on
re-registration by brokers that were unable to renew their certificates.
The intervention by the
NCRIB is coming on the heels of NAICOM’s decision to fore-close opportunity for
the affected firms to re-register by November 30.
It was gathered that the
NCRIB has set-up a committee to consider the decision taken by NAICOM and how the
affected members would be assisted to regain their position and remain afloat.
If NAICOM goes ahead with
its decision, the affected brokers would pay N2.5 million to remain afloat.
A statement by NAICOM on the
re-registration exercise reads: “The National Insurance Commission (NAICOM)
hereby informs all insurance brokers whose registration/certificates had lapsed
in line with the provisions of the Insurance Act 2003, and desirous of
re-registering with their former names, to pick registration requirements forms
from the commission.
“The forms must be collected
from NAICOM's office not later than November 30, 2014.
“Please note that this is
the last opportunity the commission will grant such insurance brokers to be
re-registered with the same name.”
A
broker who does not want to be named told Inspen, that the decision taken by
NAICOM is inimical to the industry’s growth, adding that the present number of
brokers is inadequate to achieve the quest of taking insurance to the
grassroots.
He
noted that strangulating broking businesses with hard rules will deny many
young professionals opportunities to practice and wondered how broking firms
that could not renew their certificates due to inadequate funds would be able
to raise the new fee required for re-registration.
It
would be recalled that in September, NAICOM delisted no fewer than 120 out of the 577 insurance
brokerage companies operating in the country.
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