NIGERIAN Council of Registered Insurance Brokers, NCRIB, has faulted the delisting of 108 Insurance Brokers by the National Insurance Commission, NAICOM.
NCRIB said the exercise was not transparent, but in bad fate, Nigerian Pilot has learnt.
According to a source close to the council who spoke on condition of anonymity, said that, the exercise itself is a bit 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 there 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, a situation we see as not wrong, given that it is aimed at repositioning the industry.
“But we also knew that there 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, the commissioner promised that he will release their licenses and whatever issues they still have, will be followed up on, and if they are wrong, they will be penalized. 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 promise 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 against the commission to avoid being delisted .
“But we were surprised to see some names of companies on the list, that obviously not more than two years that they have not renewed their licenses contrary to what the commissioner promised us when we met with him in Abuja.”
He insisted that the exercise was in bad fate and we expected him to respond to that at today’s board meeting of the council, which the commissioner is also a member.
Also source close to the council said that the board of the council is not pleased with the commissioner who he said, they met last month and he promised that only firms who 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 expects him to give the council reasons why he failed to keep to his promise.
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 its 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 as 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 any company with genuine reason why it should not be delisted , will be presented to the commission by the council, adding that the council is concerned about the welfare of its members.
It would be recalled that NAICOM 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.

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