NCRIB not happy with NAICOM over delisting Of 108 Insurance Brokers

Nigerian Council of Registered Insurance Brokers (NCRIB) on Tuesday faulted the delisting of 108 Insurance Brokers yesterday by the National Insurance Commission (NAICOM), adding that the exercise was not transparent and in bad fate, Businesstoday Online has learnt.

According source close to the council who spoke on the ground of anonymity to Business today Newsonline said that the exercise itself is a beat rash and has not been transparent we expect that the commission should have given a former notice to the council who regulates the brokers giving the reasons behind the exercise and the council will then respond to them individually.

He said that they have been series of dialogue with the commission as regards the exercise, adding that when the leadership of the NCRIB, led by the President met with the commissioner he assured the council that only insurance broking firms that have not renewed their licenses for two years or more will be delisted and which we see not wrong with it because it is aimed at repositioning the industry.

“But we also knew that they are some of our members who have just few months to clear issues either in area of tax clearance or with the commission on certain items or the other, he the commissioner promised that he will release their licenses and whatever issues they still have he is going to follow up on them and if they are wrong they will be penalised but if not he will let them be so they can continue to do their businesses pending when the issues are resolved.

“Based on the promised he gave to us we did a circular to our members informing them of the position of the commission as regards the exercise, urging them to resolve all pending issues, such as returns, fines or any infractions committed etc with the commission to avoid being delisted .

“But were surprise to see some names of companies on this list that were obvious that they are not two or more years that they have not renewed their licenses as he the commissioner promised us when we met with in Abuja.”

He insist that exercise is in bad fate and we expect him to respond to that at today’s board meeting of the council which him the commissioner is a member.

Also source close to the council confirmed to Businesstoday  Newsonline that the board of the council are not pleased with the commissioner who he said they met last month and he promised that only firms who have failed to renew their licenses in the past three years will be delisted.

According to him we will be meeting today with the commissioner of insurance, Mohammed Kari and expect him to give the council reasons why he failed to keep to his promised.

He noted that the council before now has had cordial relationship with the commission, adding that it will not be in the interest of the industry for such to change.

He also noted that the council will make it stand known after the meeting today.

However the former President of the Council and Chairman of Prestige Insurance Brokers Limited, Mr. Feyi Soyewo, was of the view that the commission is only exercising its right has mandated by the insurance Act 2004.

He noted the exercise is welcomed if the commission has good reasons for delisting them, adding that is not good when a broker fail to get his or her license renewed after the expiration given to them by the commission.

He said that it only shows un-seriousness in the part of the broking firms who did not meet up with the rules and regulation set down by the commission.

He however assured that the council will look at it carefully and if any company that has a genuine reason why he should not be delisted it will be presented to the commission by the council, adding that the council is concern about the welfare of its members.

It would be recalled that NAICOM yesterday removes 108 insurance brokers, out of the list of 421 licensed practitioners operating in the country, for failing to renew their licences.

NAICOM disclosed  in a notice it published on the dailies that the affected brokers had been operating without meeting the regulatory requirements.

“NAICOM decided to take this action against them because they failed to renew their licences … months after the expiry date,” he said.