The Joint technical, legal and micro insurance committees set up by the Nigerian Council of Registered Insurance Brokers (NCRIB) have met to fine-tune new regulations on Corporate Governance and Guidelines on Micro Insurance proposed by the National Insurance Commission (NAICOM) for the Council’s input.
NCRIB President, Shola Tinubu, who made this known during the quarterly press briefing of the Council in Lagos, said the meetings are in line with the Council’s proactive response on industry’s regulatory guidelines.
He pointed out the tempo of proactive response to laws and regulatory prescriptions by NCRIB have been sustained, adding that the Council hopes that the far-reaching suggestions by the Council would serve as good inputs into the guidelines.
One of the cardinal focus of his administration, he said, is self-regulation, adding that this is the reason why they coined the “Self-Regulation for Self-Respect” slogan, which will continue to be their guide.
“In our bid to give necessary impetus,” he said, “the Council has published nuggets on compliance issues for members.”
He noted that the publication would be sustained to add value to members and simplify their operations, streesing that his administration started on a positive note in its quest for a better relationship with NAICOM through visitation to the Commission.
“In the last three months, we have visited the Commission twice. We used the opportunity to raise crucial matters bordering on contemporary issues on regulation of Brokers, fines and penalties etcetera. The Commission expressed support and showed positive inclination to cooperate with the regime for the benefit of Brokers.
“The promise of the Commission has started manifesting in its subsequent dealings with the Council as the Commissioner and a team of top management of NAICOM have found time to attend some of our events to shed light on torchy regulatory issues to the delight of members,”he said.
On issues of compliance with the Federal Government Voluntary Assets and Income Declaration Scheme (VAIDS), he said: “We are all aware that there is no nation that could attain economic buoyancy without exploring taxation as a key revenue option of government. Most modern economies are buoyed on effective taxation and ours cannot be an exception.
“However, it would be apposite to stress that it behooves on government to live more to its fiscal responsibility when adequate compliance is received from the people and institutions. When the confidence level is enhanced, payment of taxes would no longer be seen as a burden, but a cardinal responsibility to be discharged by the citizenry.”
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