Brokers push to lower regulatory sanctions on operations

Insurance brokers, the intermediary arm of the industry, are lamenting hard times just as the regulatory authority has told its members to make declaration of their accounts on monthly basis.

Besides that, they also expressed concern that increasing incidents of lapsing broker’s license over certain offences was rather inimical to the overall growth of the industry given its fragility.

Ayodapo Shoderu, president of the Nigerian Council of Registered Insurance Brokers (NCRIB), who made the remarks during a courtesy visit to the Chartered Insurance Institute of Nigeria (CIIN), called on the Institute to prevail on the Commission to further assist the growth of insurance broking particularly in softening its declaration on request for brokers to make declaration of their accounts on monthly basis.

He noted that the industry remained fragile and “we need a lot of concessions for the operators to grow the profession in the country,” he noted.

Shoderu added that as the professional arm of the industry, the Institute owes it a duty to continually motivate intra-industry collaboration especially between insurance brokers and underwriters to further move the industry forward.

Bola Temowo, president of the CIIN, while responding to Shoderu’s comments, pledged to enlist brokers’ support in joining hands with the Institute to ensure that the goals and objectives of the institute and the industry as a whole remain on course.

“I must express the appreciation of the Governing Council of the Institute for the continuous support, of the Council and teeming members of the NCRIB.

“Let me also appreciate the broking profession for its immense contributions to the growth of the Institute and the insurance industry as a whole. We will continue to enlist your support in joining hands with us to ensure that the goals and objectives of the Institute and the Industry as a whole remain on course,” he said.

Modestus  Anaesoronye