CAC Partners Insurance Brokers To Ensure Professionalism

The Corporate Affairs
Commission (CAC) has agreed to collaborate with Nigerian Council of Registered Insurance Brokers (NCRIB) and work towards ensuring professionalism among insurance brokers in Nigeria.
The Registrar General of the commission, Alhaji Bello Mahmud pledged to work with insurance brokers when the president of NCRIB, Mr Ayodapo Shoderu and some key members of the governing council paid him a courtesy visit in Abuja.
The NCRIB governing Council members were in the commission to among other things, solicit its cooperation for sanity and professionalism of the insurance broking practice especially as regards corporation of new companies wishing to go into insurance broking.
Alhaji Mahmud accepted NCRIB’s request that the commission would ensure that insurance broking companies comply with minimum share capital of N5million as prescribed by law before they are registered.
Responding to NCRIB’s request to delist Association of Practicing and Professional Insurance Brokers in Nigeria for contravening the objective of the Association even as it encroaches on the operations of the council, Mahmud explained that the commission did not have power to delist.