There are indications that the Nigerian National Assembly has renewed its interest in the Nigerian insurance industry, with intention that the sector would play important role in contributing to the nation’s economic development.

In furtherance of its oversight functions, the House of Representatives recently extended an invitation to all insurance constituted bodies which include Nigerian Insurance Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB).

The intention of the House of Representatives, according to Barrister Laide Osijo, President, NCRIB, was to ensure that the insurance industry plays its role effectively and by so doing contribute its expected quota to the nation’s gross domestic product.

Osijo, however noted that the renewed interest of the House of Representatives in the industry was a challenge to all operators, which include underwriters and brokers, adding that operators should ensure sound and ethical practice.

According to her, transparency which is the hallmark of all professionals, should be the nucleus of insurance professionals’ consideration in all things.

In her presentation at the forum, Barrister Osijo, on behalf of insurance brokers highlighted that NCRIB has resolved to continually encourage its members to ensure ethical standards in their respective operations.

She further stressed the need of government to among other things; patronise only registered insurance brokers in the fold of the council in conformity with the law and to encourage sanity in the market.

She also implored the National Assembly to put machinery in motion towards the involvement of insurance brokers in the presentation and defence of insurance proposals before the National Assembly on a yearly basis.

Among other things, Barrister Osijo opined that government must ensure that insurance premiums are included in the yearly budgets of its institution in other to reduce the incidence of non-payment of premiums which characterised its insurance operations over the year.

She said, “it is unfortunate that most of the allegations placed at the door step of the insurance industrywere occasioned by inadequate information or knowledge about the operation of insurance.

This should be reduced to the barest minimum through constant interface between the industry and its government clients”, she noted.