Leadership (Abuja)
Amina Alhassan
18 March 2008
The Nigerian Council of Registered Insurance Brokers (NCRIB) has said that a committee has been set up to clamp down on fake insurance brokers. Mr. Jide Aminu, executive secretary of NCRIB, made this known to LEADERSHIP in Abuja.
Aminu said that the committee would soon embark on a nationwide exercise to fish out fake insurance brokers, saying, "The committee would soon swing into action in every nook and cranny of the country to arrest all fake insurance brokers."
He said that the council was collaborating with the regulatory body in the industry,National Insurance Commission (NAICOM), to ensure that only registered insurance brokers did business in the country.
"We are collaborating with NAICOM to check the activities of fake insurance brokers; we will ensure that they are put out of business. There are sufficient laws on ground to address all problems associated with fake insurance brokers," he said.
He warned that any fake insurance broker arrested would be adequately punished according to the law.
According to Aminu, recent steps taken by NAICOM to stop insurance companies from operating from motor parks and motor licensing offices was another effective measure in the industry.
"The council has agreed with NAICOM that any insurance document obtained from the motor park would not be accepted by the council," he said.
Aminu said that the council has 385 registered members on its register. He said that in line with the new registration procedure given by NAICOM, the council would conduct an interview for new members.
It would be recalled that NAICOM recently directed that all insurance brokers must be properly registered by the NCRIB which is a regulatory body for all registered insurance brokers in Nigeria.
He said there were also regulatory and operational challenges militating against effective development of alternative asset classes, adding that there was the "compelling need to identify additional quality outlets for investing these assets."
Participants at the seminar have therefore expressed the need to work together to get maximum benefit from the growth of pension funds. The pension fund, he noted, should be properly invested and properly regulated.
The seminar exposed the participants to the development of additional asset classes in a manner that would attract pension funds and institutional investments seeking good returns on safe investments.
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