Insurance Brokers adopt software to avoid NAICOM’s fines

Approved rates for compulsory Insurance released by NAICOM

The Nigerian Council of Registered Insurance Brokers has approved the use of software that will enable its members to comply with the regulations of the National Insurance Commission and avoid penalties.

The President, NCRIB, Mr. Kayode Okunoren said this during the NCRIB’s members’ evening programme in Lagos, that was sponsored by Zenith Life Assurance Limited.

He said the governing board plans to continually give value to members and enhance their compliance with regulatory requirements expected of them.

Okunoren said, “I am most delighted that the board has just approved the proposal for a shared service agreement where software is designed to assist members comply with NAICOM’s requirements and avoid penalties. Circulars explaining the full details of this initiative will be circularised to members.”

The president said, “I am persuaded beyond reasonable doubts that the herculean task of ensuring that our vocation becomes an enviable profession has been sustained. Even though we are not yet there, but we are no more where we used to be.”

He said that preparations for the forthcoming national insurance brokers’ conference and exhibition, as well as the annual general meeting, were on course, and scheduled to hold in October.

During the October events, he said that the Deputy President, NCRIB, Mr. Shola Tinubu’s investiture would be held as the 19th president of the NCRIB.

The NCRIB boss said that he would be leading a delegation of at least 11 members of the council on an international business trip to Houston, Texas in September, with the theme, ‘Houston Marine Insurance Seminar’.

Okunoren said, “Permit me to reiterate that all our activities were geared towards adding value. All our international trips were very successful and very rewarding, as they provided opportunity to fraternise with other insurance practitioners across the globe.

“Ideas were exchanged to re-sharpen our business acumen and I believe that these ideas and knowledge are not going to be wasted.”


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