Group Reaffirms Legal Status, Warns Against Unethical Practices

A group known as the Nigerian Council of Registered Insurance Brokers (NCRIB) has reaffirmed its status as the legally recognised professional body for registered insurance brokers in Nigeria.

This is as it warned against unethical practices in the insurance brokerage industry, cautioning unsuspecting clients to be wary of unethical players in the insurance industry.

Speaking at the December edition of the Council’s Members’ Evening held in Lagos, the NCRIB president, Prince Babatunde Oguntade noted that, there were fallacious insinuations by some unethical players in insurance broking practice who go around peddling falsehood about the status of the council.

Oguntade explained that the NCRIB Act No. 21 of 2003 remains sacrosanct as the law that empowers the council to regulate the practice of insurance broking and keep the register of all registered insurance brokers in the country.

“That same law made membership of the NCRIB the condition precedent to licensing by the National Insurance Commission (NAICOM). It is ludicrous for any person or group of persons to operate in the market without registering with the NCRIB.

“Clients who do business with such deviants do so at the risk of disobeying the law and stand the risk of engaging charlatans with grievous implications to their insurances,” he said.

The council’s president, who urged members to adhere to various regulatory and compliance requirements expected of them, advised on the use of membership legal seals to distinguish their companies from charlatans and to validate documents emanating from their companies.