BY CHIKA OKEKE, Abuja
The National Insurance Commission (NAICOM) has warned that the new legal framework imposes higher standards of accountability on insurance brokers, particularly regarding professional conduct, licensing and premium remittance.
To this end, the commission vowed to strictly enforce unlicensed activities, ethical lapses, and non-remittance of premiums to protect consumer confidence.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin disclosed this at the National Insurance Brokers Conference and Exhibition in Abuja, with the theme, “Insurance: Infrastructure Financing & National Development Agenda.”
He encouraged brokers to embrace digital transformation and InsurTech solutions, adding that the Act recognises digital, electronic and web-based insurance channels as opportunities to expand market reach and improve customer experience.
Omosehin stated that the insurance industry must contribute actively to addressing Nigeria’s infrastructure deficit through local capital participation, infrastructure bonds, pooled funds and tailored risk guarantees.
He tasked insurance brokers to strengthen their role in infrastructure financing and national development through improved risk management, professional standards and compliance with the Nigerian Insurance Industry Reform Act (NIIRA).
Omosehin hinted that the conference was timely as Nigeria pursues sustainable economic growth, harping on the need for long-term domestic capital formation and effective risk management mechanisms.
He described insurance brokers as indispensable players in the insurance industry, saying that they serve as risk advisers, intermediaries and advocates for policyholders while generating a significant portion of the market’s total premium volume.
Brokers also play important roles in expanding insurance coverage, structuring risk management solutions for major infrastructure projects and protecting consumers through advisory services, risk audits and claims negotiations.
The NAICOM boss said that the enactment of NIIRA marked a significant turning point in the regulation of the sector, with provisions aimed at strengthening financial capacity, improving market conduct, protecting consumers and increasing insurance penetration.
He enjoined members of the Nigerian Council of Registered Insurance Brokers (NCRIB) to establish strategic partnerships across the banking, energy, manufacturing and public infrastructure sectors to support national development.
While noting that NAICOM remains fully committed to creating an enabling environment that encourages product innovation, capital growth, and market expansion, he reaffirmed its commitment to supporting the NCRIB in improving professional skills, enforcing market discipline and advancing Nigeria’s economic development agenda.
Omosehin called on the participants to develop practical recommendations that would strengthen the brokerage profession, support the implementation of NIIRA 2025 and position insurance as a more effective instrument for infrastructure financing.
Comments
Post a Comment