NCRIB Eulogizes Ogun Gov’t on Building Insurance Enforcement
…..tasks Industry on implementation
The Nigerian Council of Registered Insurance Brokers (NCRIB) has described the Ogun State government’s enforcement of relevant insurance policy as a step in the right direction, expected to bring about economic growth and development.
The President of the Council, Prince Babatunde Oguntade in a letter to the State Governor, Prince Dapo Abiodun, stated that the enforcement of building insurance policies would not only guarantee the safety of workers but was expected to bring about positive changes in the state’s economy
Prince Oguntade assured the State government that the NCRIB would partner the State to ensure the fruition of the initiative.
It will be recalled that Ogun State government commenced the enforcement of Section 64 and Section 65 of Insurance Act 2003 on mandatory insurance policy of public buildings above two floors in Ogun State.
The State government made it mandatory for all classes of buildings above two floors to carry Insurance Certificate, stating that all constructions above two floors in Ogun State must obtain an All Risk Insurance Policy Certificate.
Speaking at a stakeholders’ meeting held in Abeokuta recently, the Commissioner for Physical Planning and Urban Development, Mr. Olatunji Odunlami noted that the enforcement of the compulsory insurances was in tandem with the provision of Ogun State Building Production Management Authority Regulation (OGBPMA), 2022.
According to him, the All Risk Insurance Policy should be maintained by the contractor or developer and would cover both human and material assets during the entire construction period, ensuring that persons engaged to work on site or who have lawful access to be on site, as well as building materials and other equipment were protected against any form of injury, loss, or damage.

NAICOM TRUMPS UP RELEVANCE OF INSURANCE BROKERS TO INSURANCE GROWTH
The National Insurance Commission (NAICOM) has underscored the pivotal place insurance Brokers occupy in the nation’s insurance ecosystem necessitating the intention of the Commission to further strengthen and support its regulatory body to effectively discharge its self-regulatory functions.
The Commissioner for Insurance, Mr Segun Omosein stated this when the delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB), led by its President, Prince Babatunde Adeleke Oguntade paid the Commissioner a courtesy visit in Abuja.
The Insurance Commissioner disclosed that more than 70 per cent of insurance businesses recorded annually came from Insurance Brokers, noting that the Commission was ready to maximise the advantage position of the Brokers to drive the desired industry growth initiatives under the new leadership of the Commission.
While asserting that the insurance industry had the potential to play a catalytic role in bouying up the nation’s economy, Omosein noted that the current contributions of the industry to the nation’s Gross Domestic Product must be enhanced to earn the industry its desired position within the nation’s financial ecosystem.
He disclosed that the Commission had been restructured into new directorates to meet the yearning need for effective regulation of the ever evolving insurance industry which it superintended over.
According to Omosein, “the Commission regulates professionals who operated in the private sector and as such must adapt itself to the dynamism and dynamics of the sector for effective regulation”.
Earlier, the President of NCRIB, Prince Babatunde Oguntade applauded the new leadership and management of the Commission and averred that the Council was in tune with the innovative and progressive initiatives being berthed in the Commission to deepen insurance growth in the country.
Oguntade pledged the support of the Council towards mobilising the support of Insurance Brokers for better performance of the insurance industry in compliance with the Anti Money Laundering and Countering Financing Terrorism (AMCFT) ,with a view to removing the country from the unenviable gray list.
He stated that the Council had strengthened its internal disciplinary organs to ensure enforcement of the required high ethical standards and discipline amongst its members, and by so doing play up its self-regulatory roles that would complement the efforts of NAICOM in ensuring sanity in the insurance market.