entire
insurance industry.
NCRIB President, Shola Tinubu, who gave the warning at the monthly
Members’ Evening in Lagos, stressed that news have been making rounds
that some brokers still indulge in placing businesses with companies
that are challenged and may have difficulty in paying claims when losses
occur.
This should be watched, he said, adding that as critical stakeholders
brokers would be watching as the implementation of the directives on
recapitalisation unfold.
He noted that Insurance Brokers cannot shy away from the fact that
the directive on recapitalisation will adversely affect the entire
industry, stressing that as a proactive Council, the body is critically
examining the implications and possible solution to the effect the
implementation would have on members.
“It is no more news that the National Insurance Commission (NAICOM)
has jerked up the minimum paid-up capital of insurance companies in
Nigeria.
“The new capital base required that that companies that want to
remain in Life Business should raise their minimum paid up capital base
from N2 billion to a minimum of N8 billion; General Insurance Companies
from N3 billion to N10 billion, Composite Insurance Companies from N5
billion to N18 billion, while Re-Insurance Companies will require a Paid
Up capital base of N20 billion from N10 billion.
“However, on a personal note, I would like to enjoin my professional
colleagues to be wary of where you place your business for the
protection of image of brokers and that of the Council. News have been
making rounds that some Brokers still indulge in placing businesses with
companies that are challenged and that may have difficulty in paying
claims when losses occur.
“This should be watched! As critical stakeholders we would be
watching as the implementation of the directives unfold before us,” he
said.
He commensurated with the families of fallen insurance icons –former
Commissioner for Insurance, Chief Oladipo Bailey; former
Director-General, Nigerian Insurers Association, Prof. Funmi Adeyemi and
Deputy Director-General of Chartered Insurance Institute of Nigeria
(CIIN), Mrs. Uju Ndubuisi-Chukwu.
Tinubu noted that the Council would join other industry operators in
burial arrangements for the departed professionals and sought
cooperation from brokers in this regards.
The Nigerian Council of Registered Insurance Brokers
(NCRIB) has called on its members to be wary of where they place their
business to ensure the protection of image of brokers in the
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