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Published On: Tue, May 6th, 2014

NCRIB set to flush quacks in insurance brokerage system

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Stories from Ngozi Onyeakusi, Lagos

The National Council of Registered Insurance Brokers (NCRIB) has intensified effort aimed at driving out fake insurance brokers practicing in the country.

The President of the council Ayodapo Shoderu who disclosed this at the April 2014 Edition of the NCRIB Members’ evening held in Lagos, urged its members to continually complement the effort of the council in the enforcement of ethics and elimination of charlatans in the system.

“This task is a collective one and it behoves us all to mount surveillance across the zones of the country to ascertain those who are practicing as insurance brokers illegally, with a view of bringing them to book”, he said.

He noted that extant law stipulates that no one should undertake the business of insurance borking in Nigeria without due registration with the NCRIB as a precondition to obtaining operational license from the National Insurance Commission (NAICOM).

Shoderu assured that the council will be more stringent in admission of new members to prevent infiltration of broking world by opportunists who may want to borrow the grab of insurance broker under whatever guise.

“Whatever bad name the insurance industry has attained today could be said to have been caused by the activities of these unethical practitioners who are always set to dupe unsuspecting insurance clients. This trend must stop”, he said.

Shoderu informed members that the council has continued to spread its frontiers of relationship towards strategic international insurance organizations. He said, recently, the council paid a professional visit to Australia where they met with top members of the National Insurance Brokers Association (NIBA. The knowledge of delegates was greatly enhanced through professional interactions and visitations undertaken while in Australia, he said.

He further advise members on need for them to always comply with all the requirement and regulations for insurance borking as enunciated by NAICOM. The Commissioner for insurance, he said recently frown at the non-compliance of brokers with its several regulations. He commended Old Mutual insurance Plc for hosting the meeting.

Also speaking at the event, the Managing Director, Old Mutual, Keith Alford emphasize on the need for the sector to be deeply involved in education of the people on insurance, he said this will enhance their knowledge as well as increase their interest in insurance

The operators, he said should pay claims promptly which without the business of insurance will not be attractive to the people. He also emphasized the need for operators to develop relationship with the insuring public.


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