Brokers urged to obey NAICOM rules
The economic challenges facing the country are biting hard on insurance business, President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren, has said.
Okunoren, who spoke at this month’s Members Evening in Lagos, called on the Federal Government to diversify the economy, and as well address the present economic challenges. He said the value of the naira has continued to take a downward plunge against the dollar, the pound sterling and other currencies, to the detriment of the nation’s economy.
He said the resultant effect of this, is negative on the nation’s economic revival efforts, stating that aside from the possibility of stagnating industrial development and favourable trade, the situation is already causing increasing inflationary rate that is affecting the common man on the street.
“The mono economy has left the country helpless, considering also the continuous downward slide in the price of crude oil in the international market, upstaging the budgetary anticipations of the government. Definitely, the insurance industry is not insulated from these grievous indices of economic recession,” he said.
On the recent cancellation of broker’s licences by the National Insurance Commission (NAICOM), Okunoren urged brokers to ensure that all necessary documents are filed with the regulatory authorities in good time to forestall sanctions.
He described practising brokers who wait till their certificates lapse before filing necessary documents with the authorities, as unprofessional brokers.
He said the Council has succeeded in getting NAICOM to address some issues affecting the broking fraternity, adding that the Commission has acceded to the request for a joint committee to review the list of requirements expected from brokers for rendering returns to the Commission on a yearly basis.
“I am sure that many of you would be itching to hear from us on efforts made on the recently lapsed certificates of some of our members by the National Insurance Commission late last year.
“It is an unfortunate incident. We have made concerted efforts to ensure that we get the understanding of the Commissioner for Insurance, Alhaji Mohammed Kari, on the development and happily that has crystalized in the call for re-application by the companies concerne.
“Whilst still making efforts to continually enlist the understanding of NAICOM on issues relating to our members, I am happy to note that the Commission has acceded to our request for a joint committee to review the list of requirements expected from Brokers for rendering returns to the Commission on a yearly basis.
“It is believed that the joint adhoc committee will pave the way for better and early compliance of our members. It is however expedient of me to state, without any contradiction, that it is unprofessional for any practicing broker to wait till its certificate is lapsed before filing necessary documents with the authorities.
“The Governing Board has considered the retention of the help desk earlier established as a standing body to assist members in addressing areas that portend challenges for our members with regards to compliance with regulatory institutions,” he said.
Source: Nation Newspaper