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The Nigerian Council of Registered Insurance Brokers (NCRIB) has suggested a road map for the government to maximise its insurances.
The President of the Council, ‘Laide Osijo, who made a presentation at the public hearing by the House of Representatives Committee on Government Insurances recently, stressed that government, which represented the largest chunk of insurance consumer, needed an acceptable insurance road map to maximise its insurances and minimise wastages.
Among other things, Osijo opined that government must see to it that insurance premiums were included in the yearly budgets of its institutions in order to reduce the incidence of non-payment of premiums which characterises its insurance operations over the years.
She said: “Payment of insurance premiums by clients was a precondition for any insurance contract in line with Section 50(1) of the 2003 Insurance Act, failure which insurance companies would not be able to pay claims when a loss occurs.”
Osijo also asserted that insurance brokers and underwriters involved in government accounts must always be invited to defend the insurance budgets and premium charged, in order to reduce the rampant allegations of insurance fraud, as well as provide government the opportunity of checks and balances.
“It is unfortunate that most of the allegations placed at the doorstep of the insurance industry were occasioned by inadequate information or knowledge about the operation of insurance and its conditions. This should be reduced to the barest minimum through constant interface between the industry and its government clients” Osijo noted.
In order to develop its insurance manpower, the NCRIB submitted that government must constantly upscale the skills of its insurance desk officers to apprise them with the changing dynamics of insurance practice. It was also advised that only professionally qualified insurance personnel should be recruited henceforth to man such insurance departments or units.
The NCRIB commended the National Assembly for its oversight functions and promised the continuous support of the Council to the legislature in the discharge of its oversight functions.
As Goldlink hosts NCRIB members’ evening
In a bid to extend the frontiers of its operations and break new grounds in its relationship with insurance brokers, Goldlink Insurance Plc will be playing host to Nigerian Council of Registered Insurance Brokers’ (NCRIB) members
Barring any last minute change, the company will showcase to the members of the broking family some of its products at the July edition of NCRIB Members’ Evening, holding at the Council’s Secretariat, Moleye Street, Alagomeji, Yaba, Lagos.
According to a statement from the council, the hosting of insurance brokers under the aegis of the NCRIB by Goldlink Insurance Plc would be quite symbolic, given the fact that it would be the first of such event to be hosted in the ultra modern national secretariat building of the Council.
The event would be a win-win event for both Goldlink and insurance brokers as it would facilitate harmonious relationship between both parties.