• Privacy Policy
  • Terms
  • About us
  • Contact Us
Monday, February 6, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

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

NECA fears further crashing of fragile economy

Ministry, ICRC in talks to revitalise FG’s properties abroad

FCT residents allege banks’ hoarding, selling of banknotes

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  Emir calls for investment in mineral resources

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  CIIN launches insurance broking course books to improve professionalism

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  Nigeria disburses N785bn to MSMEs in Nigeria – Minister

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

NECA on how to address Nigeria’s economic challenges
Economy/Technology

NECA fears further crashing of fragile economy

February 6, 2023
Nigeria moves to review ICRC Act
Economy/Technology

Ministry, ICRC in talks to revitalise FG’s properties abroad

February 6, 2023
Experts validate Nigeria’s implementation strategies for success under AfCFTA
Economy/Technology

FCT residents allege banks’ hoarding, selling of banknotes

February 6, 2023
New Naira notes unavailable even as CBN campaigns for acceptance
Economy/Technology

Entrepreneurs count losses over scarcity of new Naira notes

February 6, 2023
Bids roll in for Ajaokuta Steel Company
Economy/Technology

Cash crunch crashes food prices

February 6, 2023
A transformed fertilizer market is needed in response to the food crisis in Africa
Economy/Technology

Foundation ready to sustain gains of PBR cowpea

February 6, 2023
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

22 African nations in debt crisis

Nigeria’s public debt hits N39trn

March 17, 2022
DMO releases bonds issuance calendar

Banks, stockbroking firms are our partners in progress – DMO

June 22, 2022
Maritime sector critical to economic growth — Shippers

Angry maritime workers union shelves strike

March 1, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • NECA fears further crashing of fragile economy
  • Ministry, ICRC in talks to revitalise FG’s properties abroad
  • FCT residents allege banks’ hoarding, selling of banknotes

Categories

  • Economy/Technology
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • 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?