In order to forestall sanctions, Mr. Kayode Okunoren, the president of Nigerian Council of Registered Insurance Brokers (NCRIB), has urged brokers to ensure all necessary document are filed with the regulatory authorities in good time.
Okunoren said this yesterday at the February edition of members evening in Lagos, stressing that it is unprofessional for any practicing broker to wait till certificate lapsed before filing necessary documents with the authorities.
He said the Council has succeeded in getting the National Insurance Commission (NAICOM) to address some issues affecting the broking fraternity, adding that the Commission has acceded to the request for a joint committee to review the list of requirements expected from Brokers for rendering returns to the Commission on a yearly basis.
“I am sure that many of you would be hitching to hear from us on efforts made on the recently lapsed Certificates of some of our members by the National Insurance Commission late last year.
“It is an unfortunate incident. We have made concerted efforts to ensure that we get the understanding of the Commissioner for Insurance, Alhaji Mohammed Kari, on the development and happily, that has crystallized in the called for re-application by the companies concerned. Whilst still making efforts to continually enlist the understanding of NAICOM on issues relating to our members, I am happy to note that the Commission has acceded to our request for a joint committee to review the list of requirements expected from Brokers for rendering returns to the Commission on a yearly basis.
“It is believed that the joint adhoc committee will pave the way for better and early compliance of our members. It is, however, expedient of me to state, without any contradiction, that it is unprofessional for any practicing Broker to wait till its certificate is lapsed before filing necessary documents with the authorities.
“The Governing Board has considered the retention of the Help Desk earlier established as a standing body to assist members in addressing areas that portend challenges for our members with regards to compliance with regulatory institutions,” he said.
He also called on the government to urgently diversify the economy to address the present economic challenges.
“This event provides me an auspicious occasion to join the Council’s voice to the economic challenges being faced by our country at the moment. It is most disheartening that the value of the naira has continued to take a downward plunge against the dollar, pound sterling and other currencies, to the detriment of the nation’s economy.
“The resultant effect of this is negative on the nation’s economicrevival efforts. Aside from the possibility of stagnating industrial development and favourable trade, the situation is already causing increasing inflationary rate that is affecting the common man in the street.
“The mono economy has left the country helpless, considering also the continuous downward slide in the price of crude oil in the international market, upstaging the budgetary anticipations of government. Definitely, the insurance industry is not insulated from these grievous indices of economic recession. It is a tough time we must all admit,” he said.
The Managing Director of Universal Insurance, Benedict Ujoatuonu, lauded brokers’ supports to the firm and pledged to enhance the relationship.
He noted that the firm has been transformed, adding that the management is working assiduously to place the firm amongst top ten in the industry. He noted that the firm has been consistent in paying claims and would continue to meet its claims responsibilities.