Stakeholders in the industry have commended the National Insurance Commission for initiatives introduced to develop the industry.
The commission was commended for extending the recapitalisation deadline of the insurance companies from June 30, 2020 to December 31, 2020.
They also appreciated the regulator for extending the renewal period for insurance brokers, and loss adjusters, licences to two years.
The President, Nigerian Council of Registered Insurance Brokers, Dr Bola Onigbogi, said the broking sector and the insurance industry regulator, the Commissioner for Insurance, Sunday Thomas, had a good relationship.
While mentioning that Thomas had given an assurance to support her council, she lauded his administration for the duration of licence renewal of brokers which had been extended by him.
The NCRIB said Thomas was attending to the challenges confronting the brokers.
It stated, “Prominent among the issues that bothered the brokers is contending with huge fines and penalties for minor infractions, which had warranted the NCRIB to invent a mediatory platform to reduce the life-threatening policies towards its members.
“Today, the brokers are optimistic that the issue will be over, having laid it down before NAICOM.”
NAICOM, recently, had an interactive session with shareholders association of quoted insurance companies.
During the meeting, some shareholders, including Shotunde Shopeju; Oyegunle Olayitan and Nona Awo, commended NAICOM for organising the event and implored the commission to regularly consult shareholders before initiating programmes that affected their companies.
They used the avenue to solicit an extension of the recapitalisation deadline, which NAICOM had recently done.