Why we dropped self-regulated bill - NCRIB

President NCRIB, Ayodapo Shoderu

Chuks Udo Okonta 

The Nigerian Council of Registered Insurance Brokers (NCRIB)  has said it was an error on its part to pursue the self- regulatory bill which was considered not to be in the overall interest of the industry, promising a continuous support for the industry regulator, the National Insurance Commission (NAICOM).

The bill which was at second reading at the National Assembly, has been opposed by other constituent arms of the industry, hence, making the NCRIB to write to the National Assembly to stop the amendment of proposed section.

At a joint insurance industry consultative committee meeting held in Lagos, the  leadership of the NCRIB,  promised to work with other arms of the industry to move the sector forward.

Part of the resolutions at the meeting which was attended by the current and past leaderships of the different arms including the Chartered Insurance Institute of Nigeria (CIIN); Nigerian Insurers Association (NIA); Institute of Loss Adjusters of Nigeria (ILAN), and the NCRIB, agreed to pursue industry agenda both within and outside government as a group.

This will be supported by a joint Insurance Industry National Conference that would be supported by NAICOM to commence next year.