Business
Council Advises Members On NAICOM Rules
The Nigerian Council
of Registered Insurance Brokers (NCRIB), has urged its members to always comply with the rules of the industry’s regulatory body, National Insurance Commission’s (NAICOM).
President of the council, Mr Ayo Shoderu, made the appeal in an interview with the newsmen in Lagos.
Shoderu said the advice became necessary following the continued refusal of its members to comply with NAICOM regulations.
According to him, out of 500 registered insurance brokers in the country less that 150 send their financial reports to NAICOM.
“There is need for members to always comply with all the requirements and regulations for insurance broking practice as stipulated by NAICOM.
“The council has prevailed on NAICOM to reduce the severity of sanctions imposed on some brokers for going against its rules.
“It will, therefore, be most advisable to sustain this good relationship by promptly complying with regulations expected of us,” he said.
The NCRIB president said the council had also recorded a huge success in the training of its members on International Financial Reporting Standards (IFRS).
According to him, the council is able, through its Shared Services Scheme, to engage IFRS consultants to update its members on the new financial reporting regulations.
He said the idea was to ensure that its members submitted IFRS-compliant financial statement in 2015.
Shoderu said that this would help its members to avoid any form of infraction that might lead to being penalised by the regu