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NAICOM charges brokers to desist from unprofessional practices

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By Cynthia Alo

National Insurance Commission, NAICOM, has appealed to insurance brokers to desist from engaging in unprofessional  practices because they hinder growth of the sector.

Commissioner for Insurance, Mohammed Kari stated this  at the ‘Members’ Evening’ of insurance brokers hosted by NEM Insurance in Lagos recently.

NAICOM

Kari charged erring brokers to desist from illegal practices as they hinder greater things from happening in the industry.

According to him, illegal practices in the industry should have been a thing of the past by now while a major focus should be on how to evolve the industry.

He stated: “We are trying to get to a time where no penalties will be charged at all. We must get to that promise land where penalties will be a thing of the past.”

Kari noted that for the good of the industry, every broker should abide by the laid down rules and regulations so that focus would be on how to elevate the industry rather than pursue operators on account of illegal practices.

Speaking at the event, Director,   Supervision, NAICOM, Mr Barineka Thompson, said that the Commission is strict with supervision because so many things are going wrong.

He said, “If someone is going to destroy the insurance industry, it might as well be us. There is need to supervise this sector because it is the reason we are in  business. The purpose of supervision is to ensure that insurance institutions comply with relevant laws of the business.

According to him, illegal practices dent the image of the Commission, government and the industry at large adding, “The Commission is evolving very fast and therefore would strive to find ways to tackle every challenge it is faced with.”

The post NAICOM charges brokers to desist from unprofessional practices appeared first on Vanguard News.

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