Business
NAICOM Grants Insurance Brokers Re-Registration Waiver
The National Insuracne
ComMission (NAICOM) has granted waiver of re-registration to insurance brokers whose licences of operations expired without meeting the guidelines of the regulatory insurance body for registration.
In a statement on Monday in Lagos, by the Federal Commissioner for Insurance, Alhaji Mohamued Kyari said that the insurance brokers have the chance of re-registering in their old names.
Kyari said that the affected brokers would be expected to meet all the necessary NAICOM requirements needed for the new licences, stressing that the regulatory body wants the brokers to maintain their old names with a view to retaining their numerous customers.
The Insuracne regulatory boss added that the commission believes that once a broker licence elapses, it is assurmed to be dead and cannot be resuscitated except the commission grants waiver to such insurance brokers.
Kyari sai the commission had considered the various pleas of the Nigerian Council of Registered Insurance Brokers (NCRIB) in granting the lifeline to the brokers to use their old names in the re-registration of the firms.
He urged the NCRIB leadership to do the needful by educating their members on their responsibilities, stressing that the commission would no longer grant audience to the association to review its guidelines.