The Federal Government has revealed plans to review of insurance brokers’ yearly renewal licenses to operate as brokers in the sector by the National Insurance Commission (NAICOM). This is as speculations are already making rounds that the renewals could be reviewed from being a yearly activity to once in three years.
Speaking at the 2016 National Insurance Conference held in Abuja, the Minister of Finance, Ms Kemi Adeosun, disclosed that government is most likely to take a look at the subsector with a view to review brokers’ yearly renewals.
According to her, “We will take a critical look at the annual renewals of insurance brokers and see how we can review it. We will find a way around it. I know yearly renewal is not easy for brokers but we will see what can be done about it.” The Nigerian Council of Registered Insurance Brokers (NCRIB), president Kayode Okunoren, said the National Insurance Commission had licensed 314 insurance brokers to operate in insurance sector of the nation’s economy that there are over a hundred brokers that are still struggling to meet the requirement including payment for renewals…Read more