NAICOM to kick off two-year licence renewal for brokers April

The National Insurance Commission (NAICOM) has said it will commence a two-year license renewal process for insurance brokers and loss adjusters by April 1, 2020.

The Director, Policy and Regulation Directorate, NAICOM, Pius Agboola, disclosed this at a forum in Kano, with the theme “Strategic focus of the commission in the year 2020: From compliance to development”.

“We have released guidelines on the new renewal dates for licenses of the brokers and loss adjusters which will commence in April 2020. The renewal date has been changed from one to two years,” he said.

The Acting Commissioner for Insurance, Sunday Thomas, said the second phase of the Market Development and Restructuring Initiative would soon be unveiled, which would set clear targets and tasks for all stakeholders in the industry.

Going forward, he said the initiative would vigorously pursue the implementation of compulsory insurance in every nook and cranny of the country.

“We are certainly not unaware of the challenges inhibiting the successful implementation of these classes of insurance thus far, hence our resolve to work with relevant stakeholders to ensure a seamless drive.

“Indeed, the successful implementation of compulsory classes of insurance across the nation will ensure adequate protection of our strategic national assets.

“We will be working with the relevant security agencies to guarantee effective and efficient monitoring of compliance,” he said.

He said that the commission would continue to deploy more energy and resources in building public trust and confidence in insurance despite years of poor perception.

Thomas also said that the annuity business made headlines recently with a boost in the contribution of the business to the sector, noting that the public was becoming more exposed and knowledgeable about the workings of an annuity.

“This, we expect, will continue as the future is looking very bright for the business as we have witnessed. This has also shown positive growth in trust and confidence in the sector,” he said.