Insurance industry: Brokers drop self-regulation bill

The bill for self-regulation by the Nigerian insurance brokers currently at second reading at the National Assembly, which has been opposed by other constituent arms of the industry, has been dropped.

The brokers say it was error on their part to pursue such agenda which was not in the overall interest of the industry, promising their continuous support for the industry regulator, the National Insurance Commission (NAICOM), BusinessDay learnt.

At a joint insurance industry consultative committee meeting held in Lagos, the brokers under the umbrella body of the Nigerian Council of Registered Insurance Brokers (NCRIB) promised to work with other arms of the industry to move the sector forward.

They have also written the National Assembly to stop the bill in the overall interest of the industry.

Part of the resolutions at the meeting which was attended by the current and past leaderships of the different arms including the Chartered Insurance Institute of Nigeria (CIIN); Nigerian Insurers Association (NIA); Institute of Loss Adjusters of Nigeria (ILAN), and the NCRIB, agreed to pursue industry agenda both within and outside government as a group.

This will be supported by a joint Insurance Industry National Conference that would be supported by NAICOM to commence next year.