Following the revocation of 108 insurance brokers, about 1000 employees have lost their jobs, causing untold harship to them and their family members.
This is coming at a time Nigeria’s unemployment rate is about 35 per cent and harsh economic outlook persists.
The National Injsurance Commission (NAICOM) had on December 8, delisted 108 insurance brokers for failing to renew their licenses.
In a publication by NAICOM to Ministries, Departments and Agencies (MDAs), the Commission stated that in line with the provisions of extant insurance laws, the operating licences of the under-listed 108 insurance brokers have lapsed and thus now invalid for the purpose of transacting insurance business in Nigeria.
The publication said: “Members of the public are therefore advised to refrain from patronizing the brokers for purposes of their insurance consumption henceforth.
“Names of insurance broking companies delisted by the Commission in line with the provisions of extant insurance laws are Glanvill Ethoven & Co Insurance Brokers Nigeria Ltd, Glanvill Ethoven Life And Pension Consultants Insurance Brokers Ltd, Glanvill Ethoven Reinsurance Brokers Ltd, First Mutual Insurance Brokers, Accredited Insurance Brokers, Aci Insurance Brokers, Alpha Insurance Brokers, Apl Insurance Brokers, Atlantic Insurance Brokers Ltd, Ariel Insurance Brokers Ltd, Arimok Insurance Brokers, Aso Solid Insurance Brokers, Ayeson International Insurance Brokers Ltd And Backlay Insurance Brokers, Finbank Insurance Brokers Ltd.
“They also include Barmco Insurance Brokers Ltd, Beaver & Roger Insurance Brokers, Biscons Insurance Brokers, Chase Insurance Brokers, Clackson Edu & Co Ltd, Classic Insurance Brokers, Continental Risk Care Insurance Brokers Ltd, Concris Insurance Brokers Ltd, Crestfield Insurance Brokers, Cusworth Insurance Brokers, Cute- Citizen Insurance Brokers, Dadafa Insurance Brokers, Dayspring Insurance Brokers, Delight Insurance Brokers, Distinct Insurance Brokers, Double-A Insurance Brokers, Eclona Insurance Brokers, Ecobed Insurance Brokers, Edmans Insurance Brokers, Effacc Insurance Brokers Ltd,Emerald Insurance Brokers, Eulix Insurance Brokers, Exquisite Insurance Brokers.
“Others are First Cover Insurance Brokers Ltd, First Cover Masters Insurance Brokers Ltd, First Eco (Wa) Insurance Brokers Ltd, Flagship Insurance Brokers Ltd, Gaywood Insurance Brokers Ltd, Global Heritage Insurance Brokers, Goodgate Insurance Brokers, Grace Church Insurance Brokers, Greenfield Insurance Brokers, High Gate Insurance Brokers Ltd, Ifa Insurance Brokers, Indent Insurance Brokers, Intergrity Trust Insurance Brokers, International Chartered Insurance Brokers Ltd, International Insurance Brokers Ltd,Intra Niger Insurance Brokers Ltd,Irving Insurance Brokers,Jayford Insurance Brokers,Kal & Kay Insurance Brokers, Kardinal Insurance Brokers Ltd among others
Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Fatai Adegbenro in an interview with The Nation on the development described the incident as sad.
He said the Council was at the National Assembly on Tuesday to make presentation on the issue.
He said delisting 108 broking firms’ means pushing all the people working with the firms into the employment market and this will further create a terrible social effect on the insurance industry and the country at large.
He stressed that for every employer, there are five to eight employees whose children’s education will be distorted as a result.
He said Glanvilles, for instance, has about 80 employees.
He believes that the problem of unemployment should not be compounded but be solved.
Adegbenro stated that while they do not encourage their members to flout the laws, the regulator should bear in mind that the problem is not an industry problem but that of a country that has in the past jettisoned orderliness.
He said the Council had met with the Commission three weeks ago after they were intimated of the decision to delist the brokers.
He said they had sought to see the list before it was released in other to cross check the names they had with their own record.
He noted that unfortunately, the Commission went ahead to delist the brokers without putting them in the know.
He said they immediately swung into action by checking their record and found out that about 230 broking firms out of the 108 had current NCRIB certificate.
He said: “We looked at it as against what we were made to believe that the licenses affected were not renewed for two or more years. We also observed that about 30 members had issues this year like submitting late beyond the time stipulated by the regulator.
“If you look at the antecedent of where the entire country is coming from, you will find out that it is that of a country that has jettisoned orderliness. But people are beginning to shift ground because a new sheriff is in town. Some of the brokers made errors and omission but they are genuine. They have been adding value to the industry in the past. At the same time there are some that have not renewed their licenses for about five to 10 years and these group can be seen as not being serious with their business.
“We don’t have any problem with the Commission delisting these set of brokers but our concern and worries is on those who had genuine cases for the errors or omissions that they may have made. They had issues and were unable to renew their license for just about a year or two. We are asking the Commission not to cut off a head from the body because it made some mistakes. There are other ways of sanctioning them and we are engaging the Commission to take a second look at the matter.”
He added that a Government that is serious about shoring the country’s gross domestic product will not cut off activities or add to the already high unemployment rate.
“The unemployed people may create problem for the few employed people. There is already problem in the north east and south east and you don’t want to craete another one. The commission should bear in mind that laws are made for human beings and not human beings for laws and if there are no human beings, there will be nobody to apply the laws on,” he noted.