The leadership of the Nigeria Council of Registered Insurance Brokers (NCRIB) said it will be collaborating with Nigerian Issuers Association (NIA) to ensure commission paid to brokers are higher than that of other intermediaries such as the agents.
The president of the Council, Mr. Shola Tiunubu disclosed this at the December edition of members evening hosted by AIICO Insurance Plc. He said that difference in commission rates and other benefits are aimed at justifying the remarkable differentiation in their competencies and experience.
According to him “while sustaining the tempo of technical relations with the NIA, we shall through the Association encourage underwriters to always see the sense in patronizing only current members of the NCRIB for credibility.
‘‘If at all, the underwriters would transact business with other “intermediaries”, there must be a difference in commission rates and other benefits to justify the remarkable differentiation in their competencies and experience.”
He said that NCRIB will continue to advance positive collaboration with such bodies as the NIA, the CIIN and ILAN. He also stressed that the Council will also identify and pursue areas of relationship to the mutual benefits of the NCRIB and ILAN.
Speaking on relationship with the commission, he said, ‘‘our relationship with NAICOM will be a cooperative and progressive one, in order to create a more harmonious professional and business environment for our members.
As regard the meeting with the commission, the NCRIB President said the meeting was quite positive and remarkably encouraging. “We talked about the yearly renewal of members’ license, with an assurance that modalities for same were being worked on by the Commission to change this. Also, the issue of timely response to mails, both by NAICOM and Brokers were also discussed to ensure that issues were resolved timely.
He also revealed plans by the bodies to train Brokers, particularly in regulatory compliance to mitigate fees and penalties often slammed on brokers. He also added that the council will be collaborating with the commission to continually put in place internal strategies to promote self-regulation among members, while noting that the council slogan is ‘’SELF REGULATION FOR SELF RESPECT.’’
He also disclosed that his visit to Nigerian Institute of Policy and Strategic Studies (NIPSS) in Kuru has led to the yearly inclusion of insurance in the curriculum of studies of the Institute.
He reaffirmed that the council will continue to work on effective collaboration with the relevant publics, stakeholders, especially those whose activities have significant impact on the operations and image of the Broker.
He noted that NCRIB Corporate membership of reputable trade and bilateral business and professional bodies will be a priority.