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Brokers seek NAICOM’s support for new licence approval

By on April 26, 2016

Some firms that applied for approval of new licences to operate as insurance brokers have appealed to the National Insurance Commission to give assent to their request.

According to them, the approval will enable them to operate professionally and contribute their quota to the development of insurance in the country.

The concerned firms noted that the commission published the list of applicants sometimes last year but they had yet to be given their licences.

The operators said it was cogent for NAICOM to consider the applications as part of efforts to deepen insurance penetration in Nigeria.

The Nigerian Council of Registered Insurance Brokers had earlier said that many insurance brokers were operating without registering with either the NAICOM or the council.

Some of the brokers, whose names were published, had said that if their licences were approved, it would enable them to operate professionally within the rules and regulations of the industry.

They also said the approval of new licences for brokers who were ready to abide by the rules and regulations of the commission would help to reduce the number of brokers operating without necessary approval.

During a recent press briefing, the Commissioner for Insurance, Mr. Mohammed kari, confirmed that the commission had published the names of some brokers who aspired for new licences last year.

“The idea of publication was to allow the public to make comments on these brokers that applied,” he said.

The commissioner said it found out that some of the brokers had registered the companies with the Corporate Affairs Commission before they approached NAICOM for licensing and they had been doing business.

While the commission had approved new licenses for some of them, he said some others were yet to be approved.

He said some of them were asked to change the directors they presented.

Some industry experts said that it would do the industry a lot of good if brokers who were ready to abide by the regulations of the commission would be given consideration.

They also appealed to the commission to pardon those who had been operating before NAICOM’s approval and encourage them to do the right thing by giving them prompt approval.

According to them, it will be better to give fines for minor offences than totally refusing to give new licences.

They appealed to the commission to look into their request.