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NCRIB, NIA set to ratify brokers’ commission

By on March 1, 2016

The Nigerian Council of Registered Insurance Brokers and the Nigerian Insurers Association are set to ratify commission rates recommended for insurance brokers.

Details of the rates were, however, not disclosed in a statement from the NCRIB, adding that they required the approval of the National Insurance Commission.

The President, NCRIB, Kayode Okunoren said this during the brokers’ evening, which was sponsored by Universal Insurance Company in Lagos.

“The report of the committee, which, among other things, considered commission rates for brokers, is to be ratified by the governing boards of the NIA and NCRIB but it has to go through the approval of the National Insurance Commission before it could fully come on stream,” he said.

He said the collaboration was commendable and hoped that the two bodies would continue to forge a common front in achieving the goal of taking the insurance market to greater heights.

Okunoren stressed the need to improve the market standards of professional service and the promotion of industry’s harmony.

While speaking on the lapsed licences of some of the brokers, he said the council made concerted efforts to ensure that it got the understanding of the Commissioner for Insurance, Alhaji Mohammed Kari.

“That has crystallised in the call for reapplication by the companies concerned. Whilst still making efforts to continually enlist the understanding of NAICOM on issues relating to our members, I am happy to note that the commission has acceded to our request for a joint committee to review the list of requirements expected from brokers for rendering returns to the commission on a yearly basis,” he said.

He hoped that the adhoc committee would pave the way for early compliance by its members.

Adeosun said it was unprofessional for practising brokers to wait for their certificates to lapse before filing necessary documents with the authorities.

“The governing board has considered the retention of the help desk earlier established as a standing body to assist members in addressing areas that portend challenges for our members with regards to compliance with regulatory institutions,” he said.