NAICOM Charges Brokers on Development of Financial Inclusion Products

Insurance industry regulatory body, the National Insurance Commission (NAICOM) has tasked insurance brokers  to play their role in insurance penetration, especially in the development of financial inclusion products nationwide.

The commission at the investiture ceremony of the 18th president of the Nigerian Council of Registered Insurance Brokers (NCRIB) urged the brokers  to recognise their roles as employers of labor and improve their quota to the resolution of the Nigeria’s economic problem.

The Commissioner for Insurance,  Alhaji Mohammed Kari, represented by Deputy Commissioner for Insurance, Finance and Admin, George Onekhena at the event told the brokers that the  insurance brooking profession holds the potential of facilitating Nigeria’s  economic growth.

“When your council has completed a lot of change in the past, it has a role for the future in maintaining the code of ethics and compliance with relevant laws and regulation.

There is need for insurance brokers to show commitment and install necessary organisational infrastructure to ensure they comply with all the laws of the land”, he stated.

According to him, as professionals, insurance brokers should take equitable interest in discharging their duties in the interest of all the stakeholders. They were also advised to ensure their function is not exploited as a vehicle for corruption including money laundering.

He said the commission has always enjoyed the cooperation of the brokers, expects this to continue in the tenure if the incoming president.

“We assure you of the corporation of NAICOM whatever we have to do to ensure growth in the industry as regards the brokers and also to facilitate the growth of the insurance brokers, the commission will do that.”

On his part, the new  NCRIB President, Kayode Okunoren unveiled his nine-point agenda,  which according to him would take the broking sector to lofty heights, stressing that he would be committed to taking insurance broking practice and the NCRIB higher than he met them.

According to him, professionalism, mentorship, improved collaboration with NAICOM and other governmental bodies increased tempo of lobby with government and other stakeholders, greater positive collaboration with government, aggressive advancement of members’ interest, improved image of brokers, international relations and man-power development would be his main areas of focus.

“I decided to code name this tenure “A Regime of Consolidation and Progress”. This is borne out of the need to consolidate on the solid and positive contributions of our past presidents and leaders, as well as move the council positively forward. Similarly, I have articulated a thrust of office that will remain a “covenant” between members of my team and the generality of our membership, as well as serve as a trajectory for measuring our accomplishments in office,” he said.

He vowed to devote his experience, brain and brawn in serving the Council unselfishly as President, stressing that with supports from members, the next two years of his reign will be progressive and developmental.

According to him,  the first consideration that will engage his attention as President is the advancement of professionalism in the Insurance Broking profession, adding that as the professional arm of the insurance industry, insurance brokers cannot afford to fail in being seen as professionals and acting as such.

“Permit me, however, to note that we shall view and promote professionalism in its holistic form. Whilst reckoning with the fact that paper qualification is the first step towards professionalism, more attention will be paid to issues such as ethical adherence, image, comportment, business relationship amongst operators and continuous education to buoy up the competencies of Brokers. In fact, we shall promote a blend of learning and interpersonal relationships,” he stated.”

Source: Thisday