The Nation Newspaper

Tag: NCRIB

  • NCRIB to publish names of eligible members soon

    The Nigerian Council of Registered Insurance Brokers (NCRIB) is set to publish the names of its members, its President, Mr. Shola Tinubu, has said.

    He spoke at the February Edition of the Members Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB), hosted by Linkage Assurance Plc in Lagos.

    Tinubu said publishing member’s names is part of the council’s statutory responsibilities and they are to do so every year.

    He disclosed that the council would carry out the statutory obligation shortly.

    He observed that past experience has shown that many brokers that failed to meet up with the requirements for the publication often face significant challenges in business due to the attendant negative image that non-inclusion in the list attracts.

    He urged members to regularise their membership with the council’s secretariat without further delay, noting that all NCRIB Certificates are due for renewal every January 1.

    He warned that the members should not wait for the time of regulatory renewal by the National Insurance Commission (NAICOM).

    Meanwhile, the Managing Director, Linkage Assurance, Mr. Daniel Braie, said the company is financially strong and able to deliver qualitative insurance services that will meet the expectation of customers.

    He stated that the company has increased its capacity to do more volume businesses as evidenced by the increase in its reinsurance treaty across all classes of insurance.

    He said the company’s total assets stood at N23.31 billion at the end of 2017, moving up by 15 percent from N20.33 billion in the previous year.

    He added that the Board and Management of the company were excited to present to the group a competitive brand to partner with.

    Braie told the brokers led by its President Mr Sola Tinubu that Linkage Assurance has strengthened its internal structures to bdeliver quality and efficient services.

    He said: “We have strengthened our internal structures to ensure that claims are handled with speed, because we realise that this is the main reason we are in business, and we will ensure it is sustained. The human capital structure of the company has also been beefed up with the recent appointment of the Executive Director, Technical, among others who are already adding value to our operations and systems, for the benefit of our esteemed customers, he said.

    “We developed array of retail products targeted at deepening penetration and increase revenue. These include the Linkage Third Party Plus, which is a budget friendly motor insurance that provides not only the compulsory Third party protection but an additional Own damage protection to the tune of N250, 000, and is only available in the company.

    “Other products launched by the Company are the Linkage SME Comprehensive, Citadel Shield, which provides compensation as a result of injuries from accident for pupils and students in recognised academic establishments; Linkage Events Xclusive Insurance, Linkage Shop Insurance, Purple Motor Plan (comprehensive motor cover exclusively for women), and the Linkage Estate Insurance. We also deployed its online portal to make its products and services available to customers especially the digital savvy customers and enterprises,” he noted.

  • NCRIB to sue NAICOM over state insurance product

    The Nigeria Council of Registered Insurance Brokers (NCRIB) plans to sue the National Insurance Commission (NAICOM) over its plan to license states as insurance agents.

    The NCRIB is the umbrella body of insurance brokers.

    NAICOM had earlier released the guidelines for State Insurance Producer (SIP) to enable states across the country sell compulsory insurance from next month with the operational licence pegged at N2 million.

    Speaking yesterday at its December Members’ Evening in Yaba, Lagos, the President, NCRIB, Mr. Shola Tinubu, said the group is ready to challenge NAICOM on the proposed SIP in court.

    He said the Council have issued a 30-day pre-action notice to to NAICOM while the brokers have engaged the service of a legal firm to fight the course.

    He said: “The SIP is a massive threat to broking business, especially, as 70 per cent of our businesses come from government, an aspect that SIP is intended to serve.

    “In view of this, we have appointed a Legal firm consisting of three Senior Advocates of Nigeria(SAN) and would be engaging NAICOM on our behalf. Our lawyers have already served NAICOM, and in view of this notice, we can have dialogue. This is to protect the interest and businesses of insurance brokers.”

    If the policy is allowed to take effect, he said, it would create crisis in the broking profession as well as insurance industry, noting that, the brokers will resist any action that will allow non-professionals hijack 70 per cent of their business. The case, he said would ensure that the issue is pursued to a logical conclusion.

     

    Earlier, a group, Transparent Protection Ltd./Gte (TPL) had indicated its intention to challenge NAICOM in court over its recent guidelines  through which it sought to create Corporate Insurance Agents in the various states of the federation.

    According to the Programme Director, TPL, Godson Ibekwe-Umelo, the body is a pro-active, rights-based non-governmental organisation working for the promotion of insurance culture.

    TPL, he said, believes that in making the guidelines, the regulatory body acted in excess of its powers as enshrined in the National Insurance Commission Act 1997 and Insurance Act, 2003.

  • NCRIB chief advises insurers on industry growth

    Brokers have advised insurers to focus on growing the industry as they prepare for the new recapitalisation regime.

    The brokers under the umbrella body of the Nigerian Council of Registered Insurance Brokers (NCRIB) spoke with reporters in Lagos.

    NCRIB President Shola Tinubu said they focus on how to boost the industry.

    He said the Council has put some committees in place to see how the new policy would affect their members, adding that some consumers were expressing concerns on  how the policy would affect them.

    He said anytime the insurers market went into a flux, it becomes a challenge for brokers to guide their clients on the best security to adopt.

    He assured that the NCRIB will support their members through the emerging challenges.

    He said: “It is noteworthy that to ensure a more virile insurance industry, the National Insurance Commission (NAICOM) recently announced new capital regime for insurance companies. The new capitalisation system tagged, ‘Recapitalisation of insurance companies, the tier-based minimum solvency capital,’ would be partially introducing the risk-based capital model in a three-tier recapitalisation system, whereby firms would be graded as tier-three, tier-two and tier-one.

    “However, it is noted that the tier system  is independent of the assessment for solvency. Such that companies classified as Top Tier could possibly have significant solvency issues.

    “Invariably, insurance companies would be looking at different options to respond before the deadline of January 1, 2019. It is definite that several options would be contemplated by the companies, including the options of injection of capital, mergers and acquisitions. Whichever strategy chosen and no matter how disruptive, I would like to enjoin the companies to focus on how to grow the insurance industry as well as how to make insurance an imperative.’’

  • NCRIB seeks patronage

    The importance of brokers in the insurance value chain cannot be overemphasised, Nigerian Council of Registered Insurance Brokers (NCRIB) President, Mr. Shola Tinubu has said.

    He stated this at  the council’s CEOs’ Retreat with the theme, “The future broker” held in Uyo, the Akwa Ibom State capital.

    He explained that brokers were in the professional arm of the industry, who know the nitty-gritty of the business, adding that their engagement gives the client opportunity to maximise their insurance placement without any cost to the client.

    He said they had carefully chosen a theme in line with the vision of the  administration.

    The theme would not have come at a better time, considering the advancement being faced by professions around the world, he said.

    He appealed to the the Akwa Ibom State Government to ensure the inclusion of insurance brokers in its business transactions.

    He said: “This step is definitely in tandem with the NCRIB Act which makes for patronage of only registered insurance brokers.

     

     

    “We will appreciate that our choice of Uyo for the retreat will be the beginning of mutual and beneficial relationship between the Council and the Akwa Ibom State Government.’’

  • NCRIB urges members on attendance

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has appealed to some of its members, who are still maintaining a distance towards the Council’s activities to have a change of heart.

    Its President, Shola Tinubu made the appeal at the April Edition of the Council’s Members’ Evening, hosted by Sovereign Trust Insurance Plc in Lagos.

    He said the Council can only survive through constant bonding and exchange of ideas on a continual basis.

    He said the Council’s bi-monthly Members’ Evening, a platform for interaction between insurance brokers and leading underwriters in the market, has remained an event that underwriters now jostle to host.

    He said even companies outside the insurance industry are willing to identify with the Council by sponsoring the Members’ Evening.

    He stressed that members attendance at the event will be part of their Mandatory Continuous Professional Development (MCPD) grading points.

    Sovereign Trust Insurance Plc Managing Director, Olaotan Soyinka, who led the management team of the firm to the event, applauded brokers for their roles in developing the insurance market.

    He appealed to brokers to sustain the relationship they built with his company over the years, whilst pledging the firm’s resolve to surpass brokers expectations.

  • NCRIB advocates compulsory agric insurance for economic growth

    NCRIB advocates compulsory agric insurance for economic growth

    The Nigerian Council of Registered Insurance Brokers (NCRIB) has underscored the need for government to make agricultural insurance compulsory in the country.

    NCRIB President, Shola Tinubu, made this known while addressing Course 39 set of the Nigerian Institute of Policy and Strategic Studies (NIPSS), Kuru.

    According to him, the government’s quest to reflate national economy and put the nation on sustainable path of economic vibrancy should necessitate the need to make agricultural insurance compulsory as a pre-condition for facilities, subsidies and other government support.

    Tinubu, who applauded government’s progressive moves to diversify the economy from oil to non-oil, averred that in order to increase insurance penetration in a geometric proportion there should be concentration on the Agric sector in terms of marketing the intrinsic value of Insurance products to farmers and other Agricultural and Agro allied sectors.

    He highlighted the need for the government to embrace insurance in its efforts to take prudent economic strides, considering the scarce resources and government’s tight budget  make it less likely to easily replace assets in the event of loss.

    He opined that it was time for governments across levels to transfer their risks to the insurance market and free funds for other developmental projects, noting that the time was ripe for them to issue directives to ensure that all assets are insured through licenced insurance brokers, with risks premiums provided for in their yearly budgets.

    On payment of bidding fees by brokers, NCRIB President urged the government to retool the procurement rules for brokers, making it to be in tandem with similar professional bodies like lawyers, accountants, architects, and other allied professionals.

    Tinubu urged Nigerian Interbank Settlement System (NISS) to utilise its pivotal position to advice government on the crucial roles of brokers in the insurance value chain and the growth of the industry, which he noted was the linch pin of sustainable economic growth of progressive nations in the world.

    He lauded NIPSS for retaining its prestige as the foremost leadership institution in the country, with attendance of top level policy makers and executors drawn from different sectors of the economy, with a view to widening their outlook and perspectives on issues and improving their conceptual capacity..

    He further said the Council has joined the league of notable professional bodies and functionaries, such as the Central Bank Governor; the Service Chiefs; the Inspector General of Police and numerous academia, who had in past added value to policy conception and advocacy roles of the Institute.

    Earlier, the Acting Director-General of the Institute, Jonathan Juma, advised the insurance industry to create more awareness about the value of insurance to national economy and be ingenious in the creation of valued products that would meet the needs of the people.

    He said from comparative studies the industry is the main catalyst of economic growth in most advanced climes visited by the institute and there was no basis why Nigeria should not witness the same development if the industry positioned itself positively for desired growth and profitability.

  • NCRIB chief seeks autonomy for council

    NCRIB chief seeks autonomy for council

    The Nigerian Council of Registered Insurance Brokers (NCRIB) should be allowed to function without interference, the President, Sola Tinubu, has said.

    Tinubu, who stated this at his maiden Press briefing at Insurance Brokers House in Lagos, said neither he, nor his deputy, or the  Vice President  will interfer with the body’s operation, saying they will  ensure that the position of the President remains  ceremonial, just like a Chairman of Board of corporate institutions, in consonance with the provisions of corporate governance.

    He said changes in non-executive position take place  from year to year, leaving the secretariat intact to ensure  institutional building. He said the secretariat must be adequately empowered to drive the process at all times. He said his team shall empower the secretariat to discharge its responsibilities as expected.

    Tinubu listed some of his programmes as institution building, seamless succession plan; streamlining office of president to ceremonial roles; value addition to members; prudence and cost reduction as well as acceleration of revenue sources for the Council. Others are effective collaboration with other industry operators; enforcement of ethical standards; and effective collaboration with the regulator-National Insurance Commission (NAICOM).

    He said: “We will look holistically into the structure of the Council within the purview of law with the aim to building an enduring frame work. I am looking towards a Council that will be able to relate with other regulatory bodies on behalf of the brokers without interference. For instance, it should be the responsibility of the Council to relate with NAICOM on behalf of the brokers, bearing in mind that the President is primarily a broker with interest.

    “We have drawn a 10-year agenda for our Council. This was done in agreement with my next two successors, that is, the Deputy President and the Vice President. This is to ensure that we bequeath a well-entrenched institution to upcoming generation. I am looking at an institution where the President has a ceremonial overview of the Council, giving the Executive Secretary/Chief Executive Officer and his team a level of empowerment as it is obtainable in other professions and other climes. The Secretariat is the regulatory body for the brokers and the President is a broker and a competitor with other brokers in the industry.”

  • NCRIB President: Insurance penalties, fines killing

    NCRIB President: Insurance penalties, fines killing

    •Bows out next week

    The flurry of penalties and fines being levied on brokers two years ago was killing and disincentive to our business, outgoing President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren, has said.

    Okunoren made this known during his Valedictory Press briefing at the NCRIB House, Yaba, Lagos.

    He said the Council, under his tenure, was able to seek concession for members with the regulatory authorities, especially NAICOM and the Financial Reporting Council (FRC) through constructive dialogue.

    He said they have surmounted almost all the obstacles and further positioned the Council on a pedestal of greater respect and reckoning in the comity of other professionals in Nigeria.

    He said: “Although it was not a bed of roses, yet the Council recorded some modest feats in the last two years. We were able to also add value to members. It is a pride for any member to belong to the NCRIB, because of the added value members are getting from the Council. Through this value addition we have been able to douse the negative views and a flurry of ill feelings that were the lot of many members about two years ago. We have given value in terms of training and information sharing, leading to facilitation of business through public bids.

    “We have further the frontiers of relationships with international insurance bodies, especially BIBA and the African Insurance Forum (AIF) with the consequential benefits in form of better training and exposure for members. We have realized that for the industry to continue to be relevant, its members must continually learn and unlearn and have the required exposure to deliver value to their clients.

    “Our image has also been boosted  with our corporate visibility project during the period. We realized the need to inch up the image of brokers and pull down several noxious beliefs about their practice. Today, the corporate visibility project has been warmly received by all members and through it the corporate reputation of the Council and its members have been improved significantly”, he added.

  • NCRIB to operators: canvass projects insurance in budget

    NCRIB to operators: canvass projects insurance in budget

    Following the signing of the N7.44 trillion 2017 budget and the promise to release N350 billion for capital projects, the Nigerian Council of Registered Insurance Brokers, (NCRIB) has urged insurance industry operators  to  canvass for assets insurance as obtainable in other climes.

    NCRIB President, Kayode Okunoren, gave the advice at the group’s monthly Members’ Evening in June, hosted by Saham Unitrust Insurance limited in Lagos.

    Speaking on budget implementation, Okunoren appealed to Federal Government to always consider the plight of common man  and make constant efforts at removing bottlenecks and bureaucratic restraints to  budget implementation.

    He said it is disheartening to note that a budget of 12 months calendar got the ascent of the Federal Government for implementation at half of the same year. “We like to join well-meaning Nigerians to commend the Federal Government on the recent signing of the N7.44 trillion budget for 2017, ending several months of speculations over the status of the document. With the signing of the budget, and the consequent promise of government to release N350 billion for capital projects, it is hoped that the nation would successfully get out of economic recession.

    “The fact that the funds would be substantially spent on capital projects needs to be applauded.  In the light of this, the NCRIB is advocating that the expenditure be closely monitored to ensure it is diligently executed.  It is our hope that the insurance industry would also take advantage of this expenditure to canvass for insurance of those assets as obtainable in other climes.

    “A time like this is quite apt to appeal to the Federal Government to always ensure early preparation of national budgets so as to forestall the mistakes of the past. It is disheartening to note that a budget of 12 months calendar got the ascent of the Federal Government for implementation at the half of the same year.

    “We appeal to our government to always put into consideration the plight of common man in the street and make constant efforts in removing all critical bottlenecks and bureaucratic restraints to prompt signing of budget into law.”

    The Managing Director of Saham Unitrust, John Ijerheme, said the new management is poised to reposition the company to play a leading role in the industry, adding that following the repositioning strategy of the company, premium income grew by 40 per cent in 2017.

    He added that the company has paid a total of N318 million as claims as at May this year against N315 million it paid at the same period last year.

    He further assured the brokers that the company will continue to put in its best to ensure that they deliver at all times.

  • NCRIB gives kudos to Fed Govt for naira appreciation

    NCRIB gives kudos to Fed Govt for naira appreciation

    The Nigerian Council of Registered Insurance, given kudos to the Federal Government through the Central Bank of Nigeria (CBN), on the appreciation in the value of naira against other foreign currencies.
    The Council’s President, Emmanuel Kayode Okunoren, made the commendation over the weekend at the 2017 first quarter press conference held in Lagos.
    Okunoren said it is heartwarming that in the last few weeks, the naira has been appreciating against other foreign currencies, bringing little succour to Nigerians.
    He pointed out that as a consuming nation, the agonies which the weakening naira posed to daily living and survival of Nigerians were much. According to him, the take of the NCRIB is that the firming up of the Naira should be more systemic to sustain the trend.
    He, however, said that government must be unrelenting in promoting the production of local products that could be exported to earn foreign exchange in the international market.
    Okunoren stated that the diversification initiatives must be followed through while there should be a renewed campaign in re-orientating the minds of the citizens away from over dependence on foreign goods and services. He noted that there is no nation that can ever develop depending wholly on foreign products.
    Speaking on the implementation of compulsory fire insurance, the President stated that the renewed efforts being made by the National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) in reenergising the campaign towards enforcement of compulsory insurances in Nigeria as enshrined in Section 64 and 65 of the Insurance Act is appreciated.
    He said: “Needless to say that this effort will enhance the industry’s contributions to the nation’s Gross Domestic Product, as well as reduce exposures to risks by members of the public who ingress and egress in those public facilities. Also, the consideration being given to the Nigerian Fire Service in the scheme of things will assist the institution in undertaking its statutory responsibilities or primary roles of fire prevention without recourse to government as it is the practice at the moment.
    “This is the practice in most advanced countries of the world and it is my hope that the synergy would be sustained. Suffice it to say that the NCRIB will also continually collaborate with such noble intentions of this kind as they unfold.”