THE President, Nigerian Council of Registered Insurance Brokers (NCRIB) Alhaji Teslim Sanusi has reiterated on the commitment of the council towards maintaining a credible register of members in consonance with the NCRIB Act no. 10 of 2003. According to him, all members of the council wishing to continue with insurance broking business must be an associate of the Chartered Insurance Institute of Nigeria or identical body outside Nigeria recognised by the institute, and must posses a certificate issued by the council after passing examination prescribed by the Council of Insurance Brokers.

Insurance brokers, according to him, must posses the certificate of the Chartered Insurance Institute of Nigeria as an insurance broker and must be a chief executive of an insurance broking firm registered under the insurance decree of 1997.

Accordingly, he disclosed that the secretariat had been mandated to do a letter giving an ultimatum of December 2010 to existing chief executives who did not meet the stated conditions to engage suitable candidates for the office, in order to allow their company’s names to be listed for publication in national newspapers in the month of January.

Failure to comply with the directives, according to the Council’s president may result in delisting defaulting members’ names from the register.

“Management has seen the need to project the council positive light through an effective registration of members,” he said.

Consequently, the president warned that any member that does not conform to the conditions as stipulated in section 6(1) of the NCRIB Act may not have his name listed in the membership register of the council.

Speaking at the August 2010 edition of the NCRIB members evening Alhaji Sanusi disclosed that efforts by the council to resist the continuous demand by most institutional clients to pay registration fees as a pre-condition for their engagement to undertake insurance broking services has started paying off as the recent increment of professional fees by

Department of Petroleum Resources (DPR) has been reverted.

He explained that the council recently received complaints from members that DPR had raised its registration fees for brokers phenomenally from N25,000 to N750,000.

As a follow up, Alhaji Sanusi disclosed that the Council mandated its management committee to meet with the management of the department where the council’s grievances were tabled, adding that DPR, after the meeting had reverted the fees to N25,000 which he said was the same amount paid by the allied professionals.

Alhaji Sanusi reassured members of the determination of the council to protect the interest of its members at all times, irrespective of the odds, added that the council, during his tenure would not relent in all its promises until they have been accomplished.

He said that the council as a follow up to the recent successful business trip of its delegates to the United Kingdom has succeeded in putting finishing touches to arrangements for a business visit by interested members to South Africa.