NCRIB vows to publish list of members withholding premium
THURSDAY, 15 JULY 2010
The Nigerian Council of Registered Insurance Brokers (NCRIB) has vowed to publish the list of its members identified to be withholding premium collected from clients.
The President of council, Dr. Teslim Sanusi made the announcement at 2010 Industrial and General Insurance Plc (IGI) brokers forum in Lagos vowed to expose members by publishing their names over unremitted premium collected from clients.According to the NCRIB boss, “in our last meeting, the council have decided to take decisive action against brokers and underwriters, who are owing each other premium that should be remitted on schedule.
He said that the council will deal with its members while the Nigerian Insurers Association (NIA) will also be urged to deal with its members. He, however, commended IGI for its professional way in conducting insurance business.In his remark, the Managing Director/CEO, Scib Nigeria Limited, Mr. Sola Tinubu said that brokers have no apology for rate cutting, because brokers are wholesalers. It is our obligation to obtain the lowest price that buyers want, and from the brokers’ point of view, there is nothing like rate cutting.
Although he condemned unethical practices such as giving and collecting overriding commission, however, said that the practice could not be dealt with unless they can be identified.The Executive Vice-Chairman of IGI, Mr. Remi Olowade called for harmony between brokers and insurers. According to him, the gap between brokers and underwriters need to be closed, because the two segments of the industry appear to be moving in the opposite direction.
He said, “I am aware that one of the biggest fears in the brokerage fraternity is that underwriters have steadily encroached into their territory incidentally, what is generally regarded as direct marketing in Nigeria is no more than personal selling.
”He said that what is paramount to every underwriter is delivery of quality service to the customer, adding that it has made IGI to have wholesome strategic rethink of our business model particularly in the key areas of growth, brand projection, people management and process re-engineering.According to him, the role of the brokers and underwriters are complementary. If insurers do not get premium on time, it will hinder their ability to do business properly.