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NCRIB seeks regulatory concession for members



The Nigerian Council of Registered Insurance Brokers (NCRIB) has said the council, through constructive dialogue, is seeking concession for its members with the National Insurance Commission (NAICOM) and the Financial Reporting Council, to ensure brokers are not unduly penalised by the regulatory authorities.

This was disclosed by the former President of the council, Kayode Okunoren, at the valedictory press briefing in Lagos.

He recalled that, “in the last two years, the flurry of penalties and fines being levied on brokers was ‘killing’ and it became a disincentive to business.”


He also disclosed that the council entrenched the corporate visibility project during the last two years after having realised the need to inch up the image of brokers and pull down several noxious beliefs about their practice.

The corporate visibility project, he said, has been warmly received by all members and through it, the corporate reputation of the council and its members have been improved significantly.

Two years ago, he had highlighted the challenges facing the NCRIB as a professional body and pointed out that with the cooperation of members and the council, NCRIB has surmounted almost all the obstacles and further positioned the council on a pedestal of greater respect and reckoning in the comity of other professionals in Nigeria.

In view of the added value members are getting from the council, Okunoren said it is a pride for any member to belong to the NCRIB at present, stressing that the NCRIB has given value in terms of training and in terms of information sharing, leading to facilitation of business through public bids.

Additionally, he stated that the council has further the frontiers of relationships with international insurance bodies, especially BIBA and the African Insurance Forum (AIF) with the consequential benefits in form of better training and exposure for members.

“We have realized that for the industry to continue to be relevant, its members must continually learn and unlearn and have the required exposure to deliver value to their clients”.

The NCRIB boss called for further collaborations between the NCRIB and other industry operators, namely the CIIN, NIA and ILAN, saying “We have an understanding that the industry would only move forward if it is cohesive and united”.

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