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NCRIB set to drive industry’s potential with brokerage firms

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NCRIB President, Shola Tinubu<br />

The Nigeria Council of Registered Insurance Brokers (NCRIB), has revealed its readiness to partner with the Nigerian Insurers Association (NIA), to ensure commission paid to brokers are higher than that of other intermediaries such as the agents in the sector.

This was disclosed by the President of the Council, Shola Tiunubu, at the December edition of members evening hosted by AIICO Insurance Plc, who said the difference in commission rates and other benefits are aimed at justifying the remarkable differentiation in their competencies and experience.

Tinubu said: “while sustaining the tempo of technical relations with the NIA, we shall through the Association encourage underwriting firms to always see the sense in patronising only current members of the NCRIB for credibility.

If at all, the underwriters would transact business with other ‘intermediaries’, there must be a difference in commission rates and other benefits to justify the outstanding difference in their competencies and experience.”


He said NCRIB will continue to advance positive teamwork with such bodies like the NIA, the CIIN and ILAN, while noting that the Council will also identify and pursue areas of relationship for their mutual benefits.


On the relationship with the industry regulator, he said: “Our relationship with NAICOM will be a cooperative and progressive one, in order to create a more harmonious professional and business environment for our members.”

As regards the meeting with the Commission, Tinubu said it was quite positive and remarkably encouraging, as issues discussed included: “the yearly renewal of members’ licencee, with an assurance that modalities for same were being worked on by the Commission to change this. Also, the issue of timely response to mails, both by NAICOM and Brokers, to ensure that issues were resolved timely.

He also revealed plans to train Brokers, particularly in regulatory compliance to mitigate fees and penalties often slammed on them.

He also added that the Council will collaborate with NAICOM to continually put in place strategies to promote self-regulation among members, while noting that the council slogan is self-regulation for self-respect.


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