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 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 is now well regulated and none of the operators dares 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 , NAICOM will wade in to resolve the issue , ” he said.
According to him, NCRIB had also put in place self regulations 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 has written to various professional bodies to start educating them on the need to make insurance a priority .
Edu noted that the industry players , especially the brokers need 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 vendor , 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 had began engagement the Institute of Architecture to address issue of compulsory insurance on buildings and also written to the Nigeria Medical Association (NMA) , Nigeria Bar Association , ICAN , 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 has risen to the position of prominence amongst its peers nation-wide, producing 21 Presidents and about 500 Members spread 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 uveiling 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, President, African Insurance Organisation, Mr. Tope Smart, President of the CIIN, Chairman of the NIA, President of ILAN, elders of the industry, uyr 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 immensely 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 Nigeria , foster relationship between the council and its strategic stakeholders .
The NCRIB president listed some of the activities lined up for the epochal 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 Council would soon release its Professional Seal of Practice expected to be used by all registered insurance brokers as applicable in similar professions such as Law, Auditing, Architecture, to weed out quacks .
He also appreciated the the media for a responsible reportage over the years which has led to improving the reputation for the entire insurance industry.
