Business
Council Urges Enlightenment On ‘No Premium, No Cover’ Policy
The President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Laide Osijo, last Saturday urged members of the association to educate their clients on the new insurance placement policy.
Osijo told newsmen in Lagos that educating the clients had become necessary to avoid sanctioning of any broker by the National Insurance Commission (NAICOM).
The Tide source reports that the new policy, tagged ‘No Premium, No Cover,’ kicked off on January 1.
The policy aims at ensuring that no insurance cover is granted until its full value is paid for and remitted to the insurance companies.
According to Osijo, ‘No Premium, No Cover’ has been a provision in Section 50 of the Insurance Act, 2003, but has been neglected by insurance operators over the years.
“Now, the industry is on the part of another regulatory framework that is shaping its business relationship with clients, with strict enforcement by NAICOM.
“The onus is on the insurance operators and brokers to embark on enlightenment of clients on the overall advantage of the new rule,” she said.
She said that the enforcement marked the cessation of placement of insurance on credit in favour of ‘cash and carry’ insurance.
The NCRIB president said that the rule would move the industry forward and end misunderstanding between brokers and operators over unpaid premium and non-remission of brokerage commission.
She added that it would give the policy holder peace of mind as he would be sure of getting claims when the insured loss occurred.
Osijo warned brokers that NAICOM would not hesitate to sanction any infraction on the rule, and enjoined them to comply with the new policy to take the industry to the next level.
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
