Elumelu Urge NAICOM to Increase Insurance Brokers’ Capital to N50m – THISDAYLIVE


Ebere Nwoji

The National Insurance Commission (NAICOM), has been urged to improve the minimal capital base of insurance reserving corporations from the present N5 million to N50 million. 

The insurance brokers on their half have been challenged to obtain the very best degree of professionalism and dedication to service supply to the general public who depend on them for provision of consolation.

The Chairman, Heirs holding, the guardian physique for Heirs group of Insurance corporations, Mr Tony Elumelu, gave the advise whereas delivering a key observe handle on the sixtieth 12 months anniversary of the Nigeria Council of Registered Insurance Brokers (NCRIB), held in Lagos.

Elumelu whose insurance corporations; Heirs life, Heirs Insurance and Heirs insurance brokers, presently maintain excessive the flag of digitalisation and redefinition of insurance business, addressed the brokers on the necessity to redefine the insurance business saying   “We as an business want to implement strict adherence to company governance by all NCRIB members.

“The want for the physique to weed out non-registered and non-compliant members from its fold.  These are those tarnishing the picture of the broking occupation and the business at massive.

“In redefining the practice and practitioners in the broking profession, NCRIB should lead the war against many of the unethical practices that have been the bane of the industry for years.”

“These include premium rate cutting, delayed premium remittance, unremitted premium, overloading of premium, returned premium, fake documents, fraudulent claims, collusion to defraud, mis-selling, unhealthy competition, misrepresentations, manipulation of policy conditions, self-enrichment methods disguised as marketing expenses, and many more, ”he said.

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He mentioned whereas NAICOM continued to play its position because the business regulator, NCRIB as a physique should make sure that acceptable sanctions have been imposed on any of its members discovered utilizing unethical practices

He urged NCRIB and different insurance business our bodies to  collaborate extra to deepen insurance penetration in Nigeria.

He mentioned, “Where there are differences on issues, such must be resolved as friends and colleagues to protect and preserve the image of the industry. The body should also play a key role in government advocacy for pro-insurance laws and policies.”

In the realm of innovation, the Heirs holding boss mentioned the business may benefit from innovation throughout all phases of the service, including that for  this to occur, there was  the necessity to reward and incentivise innovation throughout the business.

He additionally suggested your complete insurance business to benchmark towards international tendencies, mentioning that the place to begin for innovation within the broking arm of the business was retail insurance improvement.

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