“87 Delisted Broking Houses Not Registered With NCRIB” – Council

The Nigerian Council of Registered Insurance Brokers, NCRIB, has said of the 108 broking firms delisted by the regulatory body, the National Insurance Commission, 87 firms are not registered with the Council.

President of the NCRIB, Kayode Okunoren, made this known at a forum in Lagos. According to him, only 21 of the affected brokers are members of the broking fraternity.

He said the NCRIB had made frantic efforts to ensure that the affected brokers were given soft landing as against the withdrawing of their licences.

He appealed to NAICOM to ensure sustenance of effective communication channels with the NCRIB in such a way that its members are notified in good times on any aspect of compliance in which they are on the path of erring, stressing that this could even be done through the Council in the spirit of the existing cordial relationship.

Okunoren said: “As you are aware, NAICOM recently advertised the names of 108 brokers delisted over compliances issues. Out of the 108 Brokers, 21 of them are registered members of the Council.

“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.’’