NCRIB Appeals To NAICOM Over Delisted Brokers | Independent Newspapers Limited
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NCRIB Appeals To NAICOM Over Delisted Brokers

Posted: Dec 28, 2015 at 10:28 am   /   by   /   comments (0)

The Nigerian Council of Registered Insurance Brokers (NCRIB) has appealed to the National Insurance Commission (NAICOM) to revisit the case of some of the 108 delisted broking firms as some of them made errors that are deliberate.

Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Fatai Adegbenro, who made the appeal in an interview with The Nation, said the Council also approach the National Assembly to make presentations on their case.

According to him, about 1000 employees have lost their jobs as a result, thereby causing untold hardship to them and their family members.

He said the delisting of the 108 broking firms means pushing all those working with the firms into the employment market which will further create a terrible social problem for the industry and the country at large.

He stressed that for every employer, there are about eight employees whose children’s education would be distorted.

He said Glanvilles has about 80 employees.

He believes that the problem of unemployment should not be compounded but be solved.

Adegbenro stated that while they do not encourage their members to flout the laws, the regulator should bear in mind that the problem is not an industry problem but that of a country that has in the past jettisoned orderliness.

He said the Council met with the Commission three weeks ago after they were intimated of the decision to delist the brokers.

He said they sought to see the list before it was released to cross check the names they had with their own record.

He noted that the Commission went ahead to delist the brokers without informing them in the know.

He said they swung into action by checking their records and found out that of the 230 broking firms, only 108 had NCRIB certificates.

He said: “We looked at it as against what we were made to believe that the licenses affected were not renewed for two or more years. We also observed that about 30 members had issues this year like submitting late beyond the time stipulated by the regulator.

“If you look at the antecedent of where the entire country is coming from, you will find out that it is that of a country that has jettisoned orderliness. But people are beginning to shift ground because a new sheriff is in town. Some of the brokers made errors and omission but they are genuine. They have been adding value to the industry in the past. At the same time, there are some that have not renewed their licenses for about five to 10 years and these group can be seen as not being serious with their business.

“We don’t have any problem with the Commission delisting these set of brokers but our concern and worries is on those who had genuine cases for the errors or omissions that they may have made. They had issues and were unable to renew their license for just about a year or two. We are asking the Commission not to cut off a head from the body because it made some mistakes. There are other ways of sanctioning them and we are engaging the Commission to take a second look at the matter.”

The commission had on December 8, delisted 108 insurance brokers for failing to renew their licenses.

Names of Insurance Broking Companies delisted by the Commission in line with the provisions of insurance laws are Glanvill Ethoven & Co Insurance Brokers Nigeria Ltd, Glanvill Ethoven Life And Pension Consultants Insurance Brokers Ltd, Glanvill Ethoven Reinsurance Brokers Ltd, First Mutual Insurance Brokers, Accredited Insurance Brokers, Aci Insurance Brokers, Alpha Insurance Brokers, Apl Insurance Brokers, Atlantic Insurance Brokers Ltd, Ariel Insurance Brokers Ltd, Arimok Insurance Brokers, Aso Solid Insurance Brokers, Ayeson International Insurance Brokers Ltd And Backlay Insurance Brokers, Finbank Insurance Brokers Ltd.

They also include Barmco Insurance Brokers Ltd, Beaver & Roger Insurance Brokers, Biscons Insurance Brokers, Chase Insurance Brokers, Clackson Edu & Co Ltd, Classic Insurance Brokers, Continental Risk Care Insurance Brokers Ltd, Concris Insurance Brokers Ltd, Crestfield Insurance Brokers, Cusworth Insurance Brokers, Cute- Citizen Insurance Brokers, Dadafa Insurance Brokers, Dayspring Insurance Brokers, Delight Insurance Brokers, Distinct Insurance Brokers, Double-A Insurance Brokers, Eclona Insurance Brokers, Ecobed Insurance Brokers, Edmans Insurance Brokers, Effacc Insurance Brokers Ltd,Emerald Insurance Brokers, Eulix Insurance Brokers, Exquisite Insurance Brokers.

“Others are First Cover Insurance Brokers Ltd, First Cover Masters Insurance Brokers Ltd, First Eco (Wa) Insurance Brokers Ltd, Flagship Insurance Brokers Ltd, Gaywood Insurance Brokers Ltd, Global Heritage Insurance Brokers, Goodgate Insurance Brokers, Grace Church Insurance Brokers, Greenfield Insurance Brokers, High Gate Insurance Brokers Ltd, Ifa Insurance Brokers, Indent Insurance Brokers, Intergrity Trust Insurance Brokers, International Chartered Insurance Brokers Ltd, International Insurance Brokers Ltd,Intra Niger Insurance Brokers Ltd,Irving Insurance Brokers,Jayford Insurance Brokers,Kal & Kay Insurance Brokers, Kardinal Insurance Brokers Ltd among others.