NCRIB Lauds Commission Over Insurance Industry Regulation


Edu said that insurance industry was now well regulated and none of the operators dared take a premium and not live up-to the expectations of paying claims.

The Nigerian Council of Registered Insurance Brokers (NCRIB) has lauded the National Insurance Commission (NAICOM) for proper regulation of the industry in line with global practice.

NCRIB’s President, Mr Rotimi Edu commended the commission in an interview with the News Agency of Nigeria (NAN) on the sideline of a news briefing and unveiling of the Mascot and Logo for the 60th anniversary of the council.

Edu said that insurance industry was now well regulated and none of the operators dared take a premium and not live up-to the expectations of paying claims.

“All you need do is to either get across to NAICOM, the Nigeria Insurers Association (NIA) or the NCRIB to tender a compliant, and within 48 hours, the commission will wade in to resolve the issue,’’ he said.

According to him, NCRIB has also put in place self- regulation to discipline erring members or those who intend to thwart laid down rules and regulations of the council.

In a bid to deepen insurance penetration, the broker said that NCRIB had written to various professional bodies to start educating them on the need to make insurance a priority.

Edu noted that the players, especially the brokers, needed to do more of publicity about their services and the importance of insurance to increase penetration.

“It is unfortunate that some staff of local government have become third party motor insurance vendors, but sadly, what they sell out of ignorance, are probably certificates of defunct insurance companies.

“Unfortunately, the police also do not recognise such fake documents when they come across it because they are not well informed also, “he said.

According to him, the council has begun engaging the Institute of Architecture to address issues of compulsory insurance on buildings.

“Also, we have written to the Nigeria Medical Association (NMA), Nigeria Bar Association, ICAN, the police and other various military channels, among others.

Earlier, Edu said that NCRIB which started as Nigerian Corporation of Insurance Brokers (NCIB) was established in 1962 as an indispensable adjunct of the insurance marketing chain.

He noted that in spite of the teething challenges at inception, the council had risen to the position of prominence amongst its peers nation-wide, producing 21 Presidents and about 500 members across the country.

“As at today, the number of registered insurance brokers under the aegis of the council has continued to grow to the glory of God and benefit to mankind.

“The council would be celebrating this landmark age in a grand style, commencing from today, with the unveiling of 60th Anniversary Mascot and Logo named : (OKIN – Optimising Insurance Knowledge in Nigeria) .

“We expect the Doyen of Insurance, Olola Olabode Ogunlana, OFR; the Commissioner for Insurance, Mr O.S. Thomas and President, African Insurance Organisation, Mr Tope Smart.

“Others are President of the CIIN, Chairman of the NIA, President of ILAN, elders of the industry, our revered past Presidents and many other dignitaries.

“The celebration of the anniversary is a way of appreciating the Almighty for the success story and our past presidents and members that have contributed to the building and development of this great institution , ” he said.

According to Edu, the council will be using the opportunity of the anniversary to play up the brand of the council as a leading professional body in the counry.

He said it would be used to foster relationship between the council and its strategic stakeholders.

The NCRIB president listed some of the activities lined up for the event to include institution of awards in schools, Insurance walk, Insurance Open Day for selected Secondary Schools, Sport competition and Corporate Social Responsibility.

Edu said while the anniversary would flag off in Lagos with the insurance walk, other activities would hold in Abuja.

The broker announced that the council would soon release its Professional Seal of Practice expected to be used by all registered insurance brokers.

This is similar to what is applicable in similar professions such as Law, Auditing, Architecture, to weed out quacks.

He also appreciated the media for a responsible reportage over the years, which had helped in improving the reputation of the insurance industry.