NAICOM Tasks Insurance Brokers On MDRI’s Success

The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Fola Daniel, has urged insurance brokers to be proactive to ensure the success of the Market Development and Restructuring Initiative (MDRI).

Daniel gave the advice at the National Insurance Conference organised by the Nigerian Council of Registered Insurance Brokers on Wednesday in Lagos.

The theme of the conference was: Professionalism in a Developing Economy.

According to him, one of the key objectives of the MDRI is continuous availability of genuine insurance products at the grassroots.

“I regret to observe, however, that the brokers have not brought sufficient energy into the initiative.

“I had expected a more energetic and proactive collaboration from the brokers than we are getting at the moment.

“Naturally, fake insurance products will thrive in the absence of genuine insurance products. We, therefore, need more brokers and agents at the grassroots,” he said.

Daniel said that NAICOM had been liberal with licensing of brokers and agents, but expressed regret that brokers were concentrating on the major cities.

The Commissioner said that the trend must change if they were to develop insurance in Nigeria.

He said that this year’s conference should be an occasion for brokers and the entire insurance industry to reflect on ways to tap into the vast insurance opportunities that abound in the country.

According to him, the insurance industry is yet to fully explore its potentials and it “must run and not walk” to close this performance gap.

Dr. Teslim Sanusi, the Council President, said the theme was chosen to enable the council join in the entrenchment of professionalism in the face of challenges confronting developing economies.

“It is no longer news that economic challenges in the developing countries have hampered professionals from playing strictly according to the rules, even when those professionals are bent on being ethical,” he said.

According to Sanusi, the need for professionals to imbibe sound ethic s cannot be over emphasised.

Sanusi condemned unethical practices by some corporate bodies that demand payment of fees from brokers for their services to be engaged.

He said that the council was deliberating on the next action for corporate bodies involved in such practices.