NCRIB faults report no premium no cover rule

The Nigerian Council of Registered Insurance Brokers (NCRIB) has faulted a newspaper report saying m members of the Council undermine the no premium no cover rule.

The council noted with dismay the attempt to discredit insurance brokers despite efforts to prevent unethical practices.

At the weekend, the Public Relations Officer of the council, Dele Ayeleso, told The Guardian that the report fell short of ethical journalism, stressing that neither the Council nor the National Insurance Commission (NAICOM) was not contacted to balance the report.

“We wish to state appositely that no registered member of the NCRIB will engage in such an unprofessional act as our members are constantly trained on professionalism and there are strong and potent investigation and disciplinary panels in place to guard against unwholesome, unprofessional, and unethical practices if found amongst its members.

“While not wishing away the newspaper report, it is a bit of concern that the so-called insurance brokers were not named by the reporter, thus making it near impossible for the Council to identify and call such culprits to order.

“We equally found it distasteful that the Reporter could appropriate the misconduct of a single alleged Broker to the collective of Brokers, making our Council feel there is mischief intent benign the report,” he said.

He appealed to underwriting firms in case of future occurrence, to first consider making a formal report of such erring broking firms to the council, to trigger the disciplinary panel towards bringing such firms to book, if found culpable.

“The NCRIB is committed to ensuring a trustworthy Insurance Industry by collaborating with not only the underwriting arm but also other Insurance trade groups, Insurance consumers, as well as the regulatory body, the National Insurance Commission (NAICOM),”NCRIB stated.