NAICOM to sanction insurance coverage brokers over premium hold-up|The Guardian Nigeria News

The National Insurance Coverage Commission (NAICOM) has actually gotten in touch with underwriting companies to report insurance coverage brokerage companies keeping premiums beyond one month for required sanctions.

The Commissioner for Insurance Coverage, Sunday Thomas, speaking at the Directors conference in Lagos, stated the Commission would not excuse any act that breached the market’s specified guidelines, stating it depended on the underwriters to report any broker breaking the guidelines.

He encouraged professionals to do the best thing and notified them that if some individuals continued to misbehave, NAICOM would not stop providing sanctions.

Responding to this, the Deputy President Nigerian Council of Registered Insurance Coverage Brokers (NCRIB), Ekeoma Ezeibe, stated if the credit keeps in mind abuse had actually come before the council, it would have gone to the Council’s Examination Panel with erring brokers made to deal with disciplinary panel.

Likewise, the Executive Secretary of the NCRIB, Tope Adaramola, stated the council would not endure any kind of dishonest practices, while contacting any underwriters with real problems to report such to the NCRIB.

Reacting to the call to report erring brokers, the worried underwriters stated they would blacklist erring brokers.

They urged all stakeholders in the insurance coverage worth chain to play according to specified guidelines, worrying that the market might not grow in the middle of dishonest behaviours.

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