FG To Review Annual Renewal of Insurance Brokers’ Licenses

The federal government is considering a review of insurance brokers’ annual renewal of licenses to operate as brokers in the industry by the National Insurance Commission (NAICOM). This is as speculations are already making rounds that the renewals could be reviewed from being an annual activity to once in three years.

Minister of Finance, Ms Kemi Adeosun at the 2016 National Insurance Conference made it known to insurance industry in Abuja 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 annual renewal is not easy for brokers but we will see what can be done about it.”

President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Kayode Okunoren, had said the National Insurance Commission had licensed 314 insurance brokers to operate in insurance sector of the nation’s economy. Vanguard can reveal that there are over a hundred brokers that are still struggling to meet the requirement including payment for renewals.

Further findings showed it had always been a hassle between the regulatory body and insurance brokers during the annual renewal of their licenses. Insurance operators are speculating that the federal government in its wisdom review the annual renewal to once in three years which would give brokers ample time to prepare ahead of renewals.

Okunoren urged the regulatory agency to exercise its statutory responsibility by making public the list of practitioners who have satisfied their renewal requirement as they are cleared by the Commission.

The Commission, through a circular, said, an insurance broker whose licence had lapsed and wishes to re-register under the same name should submit a Letter of Appeal stating reasons why the last licence lapsed and payment of non-refundable fee (N250,000.00) for processing of the appeal… Read more

Culled from Vanguard