As the race for Tier-Based Minimum Solvency Capital (TBMSC) intensified, underwriters are trooping to offices of insurance brokers fighting hard to secure their businesses in the forthcoming regime, it has been reliably learnt.
It was gathered that insurance companies are appealing to brokers not to relegate them based on the recent tier based regulations. It was also learnt that the umbrella body of underwriters, the Nigerian Insurers Association (NIA) is also working assiduously to protect operators who may not be at the forefront in the new regime.
In line with the resolve to encourage equal playing field for insurers, the leadership of the NIA last week visited the office of the Nigerian Council of Registered Insurance Brokers (NCRIB). During the visit, the Chairman of the NIA, Tope Smart, amongst other issues raised, desired better collaboration between the two institutions.
He enlisted the support of the Council of the NCRIB for better understanding of the Tier-Based Minimum Solvency Capital for underwriters and decried indiscipline in the market, which he said had slowed down the industry, stressing the need to enhance the prestige of the industry which falls within the scope of the NIA and NCRIB.
President of the NCRIB, Shola Tinubu, solicited strongly for the resurgence of the joint technical committees of the two bodies and took time to address the views of the Council on the TBMSC and identified some critical loopholes that may be inimical to the operation of underwriters and by extension, the market.
Tinubu posited that the duties of brokers were quite challenging with regards to the policy as wrong judgments on their parts may be counterproductive on the long run.