Following recent delisting of some brokers by the insurance sector apex regulatory body, the National Insurance Commission (NAICOM), the President, the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Kayode Okunoren has  expressed optimism that the Council’s efforts would yield positive result as he noted that NCRIB has continued to engage the Commission on issue. According to him, out of the 108 Brokers delisted, only 21 of them are registered members of the Council.

He said, “Suffice it to say that the NCRIB is not happy that any Operator in the market will continue to flout regulatory requirements as enshrined in the law. However, the Council on my assumption of office, made a representation to NAICOM on this and sundry issues for which, as usual, we got assurance of support from the Commission. “Whilst we are still looking at opportunity to assist those with minor infractions by interceding for them in NAICOM, we have equally made this clear to our members that the regulatory environment of today requires more discipline than hitherto and that compliance issues must no longer be treated with levity.

“On the other hand, we are appealing to NAICOM to always ensure sustenance of effective communication channels with the NCRIB in such a way that our members are notified in good times on any aspect of compliance in which they are on the path of erring and this could even be done through the Council in the spirit of the existing cordial relationship”. The President however disclosed that the 2016 annual Management Retreat of the Council holding Lagos would focus on “Dissecting 2016 Budget and the Economy, Opportunities for Brokers”. A seasoned economist as well as the Director General of Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, had been invited to analyse the implication of the 2016 budget on economy..

By SuperNewsng