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Nigeria: Naicom Directs Brokers to Enrol With NCRIB
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Leadership (Abuja)
4 May 2008
Posted to the web 5 May 2008
National Insurance Commission (NAICOM) has made it mandatory for all intending brokers to enroll with the National Council of Registered Insurance Brokers (NCRIB).
This according to the commission is a prerequisite for obtaining brokers license from the commission.
Speaking at the 2008 edition of the members' evening of the council held in Lagos , the president, Dede Ijere said the commission had taken decisive steps to sanitise the practice of insurance broking by reverting to the law, with respect to registration and licensing of insurance brokers. He also noted that the commission had reviewed upwards fees payable by insurance brokers, adding that after series of meetings held between the NCRIB management committee and NAICOM, it was resolved that the following fees would be payable by brokers to NAICOM. Application fee by new members N25, 000; licensing fee N200, 000; license renewal fee and statutory levy of 1 per cent, N100, 000 and N100, 000 respectively.
He commended the harmonious relationship existing between NCRIB and NAICOM which, according to him, has made the commission to note the need for the industry to collaborate and be united, especially on issues of common interest. He noted that as part of the strategic plans of the council to enhance the competence of its members as well as the professional skills of the executives the council has been introducing programmes and retreats that would help in sharpening marginal capability of brokers such that they can compete more profitably by adding greater values to their clients through scientific application of changing management method, adding that the market competition in the insurance industry has dramatically taken a new turn with the increasing incursion of banks in direct marketing.
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Thereafter, he commended the Consolidated Hallmark Insurance Plc for hosting the event and assured that by hosting the forum, the company would experience a quantum leap in its share of the market as well as improved prestige in the comity of insurance companies.
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