The National Insurance Commission (NAICOM) has called on underwriting firms to report insurance brokerage firms withholding premiums beyond 30 days for necessary sanctions.
The Commissioner for Insurance, Sunday Thomas, speaking at the Directors conference in Lagos, said the Commission would not condone any act that violated the industry’s stipulated rules, saying it was up to the underwriters to report any broker breaking the rules.
He advised practitioners to do the right thing and informed them that if some people continued to misbehave, NAICOM would not stop issuing sanctions.
Reacting to this, the Deputy President Nigerian Council of Registered Insurance Brokers (NCRIB), Ekeoma Ezeibe, said if the credit notes abuse had come before the council, it would have gone to the Council’s Investigation Panel with erring brokers made to face disciplinary panel.
Also, the Executive Secretary of the NCRIB, Tope Adaramola, said the council would not tolerate any form of unethical practices, while calling on any underwriters with genuine issues to report such to the NCRIB.
Responding to the call to report erring brokers, the concerned underwriters said they would blacklist erring brokers.
They implored all stakeholders in the insurance value chain to play according to stated rules, stressing that the industry could not grow amid unethical behaviours.
