Business
THE Nigerian Council of Registered Insurance Brokers, NCRIB, is set to sanction some brokers for unwholesome practices, according to report.
Fatai Adegbenro, the body’s Executive Secretary said that the unwholesome acts committed by the brokers have been investigated and that they will be sanctioned accordingly.
The NCRIB’s position came on the backdrop of allegation leveled against members of the Council by the National Insurance Commission, NAICOM.
The Commission has alleged that some insurance brokers are conniving with the insurance consumers to rob the industry of its legitimate earnings by transferring risks meant for the local market to foreign insurers without due consideration of the local content.
Adegbenro said the present leadership of the NCRIB abhors unethical behaviour, and will not hesitate to sanction those who flout the law. He noted that once an allegation is raised about a broker, such a broker is summoned by the body to explain all he or she knows about the allegation.
He called on the public to help the body by reporting practitioners who try to paint the industry in bad light.
While the NCRIB is making frantic efforts to clear the brokering fraternity of bad eggs, the
National Insurance Commission, NAICOM, has accused some brokers of conniving with consumers to undermine local underwriters by allotting a proportion of risk to them without due cognisance of their capacity; preferring to place risk abroad even when the local market is not saturated.
“However, the Commission in recent time has noticed certain behaviours and actions of consumers that are not in sync with this belief which is detrimental and dangerous to the insurance industry in Nigeria. – Independent
– Feb. 8, 2018 @ 20:28 GMT |
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