Chuks Udo Okonta
The National Insurance Commission (NAICOM) and Insurance operators from the various arms of the industry are meeting today to strategize on how to stop the bill initially proposed by the Nigerian Council of Registered Insurance Brokers (NCRIB), which the Senate has fixed tomorrow Monday, March 9 for its pubic hearing.
Inspen gathered that that the meeting termed 'crucial' will be attended by top managements of the NAICOM, Nigerian Insurers Association (NIA), Chartered Insurance Institute of Nigeria (CIIN) and Nigerian Council of Registered Insurance Brokers (NCRIB).
It was learnt that elders in the industry such like Professor Joe Irukwu, Osaka Ogala amongst others have been engaged to speak at tomorrow's public hearing.
A reliable source at the the NCRIB said they were surprised to hear about the public hearing having written for the withdrawal of the bill. The source said the NCRIB has raised a term made up of the Deputy President, Vice President, the Council's lawyer and top council members to attend tomorrow's hearing and make known the council's position on discontinuity of the bill.
Following an agreement reached at the Insurance Industry Consultation Committee (IICC), the operators mandated the NCRIB to withdraw the proposal.
In a letter to the House of Representatives, the NCRIB gave notice of the withdrawal of the bill seeking its transformation into another regulator in the industry.
The NCRIB, in the bill had pushed for an act in the National Assembly to create an Institute of Chartered Insurance Brokers and transform it from its current status of market association, to a regulator.
The Bill, SB 507 was enrolled in the Senate on June 26 last year in both chambers of the National Assembly and had passed through second reading in the two houses. It was sponsored by Gbenga Kaka in the Senate and Uzoma Nkem-Abonta in the House of Representatives.
There were however reservations from within the NCRIB and opposition from the educational arm of the CIIN which also protested to the federal lawmakers about the implication of a parallel regulator.
In the letter dated December 18, and signed by its president, Ayodapo Shoderu, the NCRIB indicated that it was no longer interested in the bill and noted that it has also notified the Senate President about its intention to withdraw it.
The letter titled “withdrawal of NCRIB proposed bill before the National Assembly”, sent to the speaker, Aminu Tambuwal, and copied Jibrin Abdulmumin, the chairman, House Committee on finance, stated, “we refer to the above mentioned bill submitted by our council sometime in October 2014 to the National Assembly, seeking amendments to the NCRIB Act 21 of 2003, and which had undergone second reading at the Senate, before our governing board decided to withdraw it.
“In the same vein, we hereby wish to notify the House of Representatives to stop further action on the bill."
Section 2 of the bill which states the duties of the institute if the act is approved, has been condemned by operators who say it is tantamount to running parallel to the industry regulator, the NAICOM and the educational arm of the industry, the CIIN. These two bodies are a creation of an act of parliament.
Duties of the institute according to Section 2 of the bill include, establishing and maintaining a central organisation for all insurance brokers, and “enrolling persons as chartered insurance brokers.”
Others are, to secure in accordance with the provision of the act, the establishment and maintenance of a register of chartered insurance brokers, containing the names, addresses and qualifications and such other particulars as may be prescribed, of all persons who having applied in the prescribed manner, are entitled under the provisions or the act, to be registered, and the publication from time to time, of the lists of these persons.
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