• Privacy Policy
  • Terms
  • About us
  • Contact Us
Sunday, May 15, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy

NCRIB lauds commission over insurance industry regulation

Insurance

The Matters Press by The Matters Press
March 20, 2022
Reading Time: 3 mins read
0
CIIN president tasks Insurance directors on manpower development

The Nigerian Council of Registered Insurance Brokers (NCRIB) has lauded the National Insurance Commission (NAICOM) for proper regulation of the industry in line with global practice.

RELATED POSTS

Osinbajo advocates African plan on energy transition

Buhari’s war against money laundering, financial crimes peaks

Stakeholders seek political will to revive textile sector

NCRIB’s President, Mr Rotimi Edu commended the commission on the sideline of a news briefing and unveiling of the Mascot and Logo for the 60th anniversary of the council.

Edu said that insurance industry was now well regulated and none of the operators dared take a premium and not live up-to the expectations of paying claims.

“All you need do is to either get across to NAICOM, the Nigeria Insurers Association (NIA) or the NCRIB to tender a compliant, and within 48 hours, the commission will wade in to resolve the issue,’’ he said.

According to him, NCRIB has also put in place self- regulation to discipline erring members or those who intend to thwart laid down rules and regulations of the council.

In a bid to deepen insurance penetration, the broker said that NCRIB had written to various professional bodies to start educating them on the need to make insurance a priority.

ALSO READ  NAICOM charges Insurance regulators on sustainable economic growth

Edu noted that the players, especially the brokers, needed to do more of publicity about their services and the importance of insurance to increase penetration.

“It is unfortunate that some staff of local government have become third party motor insurance vendors, but sadly, what they sell out of ignorance, are probably certificates of defunct insurance companies.

“Unfortunately, the police also do not recognise such fake documents when they come across it because they are not well informed also, “he said.

According to him, the council has begun engaging the Institute of Architecture to address issues of compulsory insurance on buildings.

“Also, we have written to the Nigeria Medical Association (NMA), Nigeria Bar Association, ICAN, the police and other various military channels, among others.

Earlier, Edu said that NCRIB which started as Nigerian Corporation of Insurance Brokers (NCIB) was established in 1962 as an indispensable adjunct of the insurance marketing chain.

ALSO READ  Broker urges insurers to increase capacity for local risk retention

He noted that in spite of the teething challenges at inception, the council had risen to the position of prominence amongst its peers nation-wide, producing 21 Presidents and about 500 members across the country.

“As at today, the number of registered insurance brokers under the aegis of the council has continued to grow to the glory of God and benefit to mankind.

“The council would be celebrating this landmark age in a grand style, commencing from today, with the unveiling of 60th Anniversary Mascot and Logo named : (OKIN – Optimising Insurance Knowledge in Nigeria) .

“We expect the Doyen of Insurance, Olola Olabode Ogunlana, OFR; the Commissioner for Insurance, Mr O.S. Thomas and President, African Insurance Organisation, Mr Tope Smart.

“Others are President of the CIIN, Chairman of the NIA, President of ILAN, elders of the industry, our revered past Presidents and many other dignitaries.

“The celebration of the anniversary is a way of appreciating the Almighty for the success story and our past presidents and members that have contributed to the building and development of this great institution , ” he said.

ALSO READ  PDP’s documents nailed Obaseki as ex-militants support Ize-Iyamu

According to Edu, the council will be using the opportunity of the anniversary to play up the brand of the council as a leading professional body in the country.

He said it would be used to foster relationship between the council and its strategic stakeholders.

The NCRIB president listed some of the activities lined up for the event to include institution of awards in schools, Insurance walk, Insurance Open Day for selected Secondary Schools, Sport competition and Corporate Social Responsibility.

Edu said while the anniversary would flag off in Lagos with the insurance walk, other activities would hold in Abuja.

The broker announced that the council would soon release its Professional Seal of Practice expected to be used by all registered insurance brokers.

This is similar to what is applicable in similar professions such as Law, Auditing, Architecture, to weed out quacks.

He also appreciated the media for a responsible reportage over the years, which had helped in improving the reputation of the insurance industry.

Tags: Insurance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria emerges Africa biggest energy sector
Economy

Osinbajo advocates African plan on energy transition

May 13, 2022
Nigeria gets petroleum law to edge out 50 years archaic laws
News

Buhari’s war against money laundering, financial crimes peaks

May 13, 2022
25 textile clusters get a boost through SMEDAN
Economy

Stakeholders seek political will to revive textile sector

May 12, 2022
Nigeria floats $4bn Eurobonds
Economy

DMO lists N225bn FGN bond for subscription by auction

May 12, 2022
Price of bread to be reviewed upwards again
Economy

Cost of bread beyond reach of many Africans – AfDB

May 12, 2022
Buhari meets with governors of APC
News

Buhari gives resignation deadline to political office holders seeking to contest elections

May 11, 2022
Next Post
Nigeria inaugurates committee to review weights and measures act

Nigeria inaugurates committee to review weights and measures act

Nigeria’s food monthly imports dip

CBN's visionary intervention in agriculture

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Nigeria targets $1.2bn export capacity for every state

Boosting finished goods, CBN to disburse N3.5bn rebates to exporters

April 14, 2022
Nigeria disburses N56bn to MSMEs

SMEs remain critical to Nigeria economy

December 8, 2021
Maritime sector critical to economic growth — Shippers

Maritime security trust fund underway

February 26, 2022

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
  • PawaPlus launches app to make access to electricity easy

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Osinbajo advocates African plan on energy transition
  • Buhari’s war against money laundering, financial crimes peaks
  • Stakeholders seek political will to revive textile sector

Categories

  • Agriculture
  • Business
  • Culture
  • Economy
  • Economy
  • Entertainment
  • Features
  • Finance, Money
  • Foreign
  • Health
  • Lifestyle
  • Multimedia
  • News
  • Oil, Gas
  • Opinion
  • Photo
  • Politics
  • Politics/Social
  • Religion
  • Security
  • Special News
  • Sports
  • Tech
  • Thematterspress
  • Trade, Industry, Technology
  • Travel
  • Uncategorized
  • Video
  • World

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?